Two hundred underserved but viable small businesses in Mwansabombwe have been earmarked to benefit from the ‘Busulu loan facility’ under the Citizens Economic Empowerment Commission -CEEC.
CEEC Public Relations and Communications Manager MICHELO MUKATA says K1m has been set aside to facilitate loan disbursements in Mwansabombwe alone.
Mr. MUKATA says the facility has been fully subscribed within days of CEEC being in the area for the Mutomboko ceremony.
He says currently, the Commission is undertaking assessments to ensure that the SMEs accessing the fund have viable businesses and ability to pay back the loans.
Mr. MUKATA says the Commission has also noted an impressive recovery rate of 66 percent this year from 27% last year.
He says the Busulu facility, which means businesses in Kaonde has become popular financing option especially for rural based SMEs.
Mr. MUKATA says the commission has since embarked on a programme to engage traditional leaders to encourage their subjects to invest funds in viable ventures and also pay back the loans.
He says once more businesses stick to their payment plans as agreed in their applications, the fund will grow and more people will have access to the facility.
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