SMEDCO sets aside $1 million for Midlands

Patience Muzhingi 


ZVISHAVANE – The Small and Medium Enterprises Development Cooperation (SMEDCO) is ready to release a million dollars to small businesses in the Midlands province to boost their growth prospects and contribution to the economy, it has been learnt.
Under the scheme, a small business can apply for a $5 000 loan at minimum, going up to $200 000 payable in 24 months at an eight percent interest.
The loan facility is mandated to accept all qualifying businesses regardless of the political affiliation of their owners.
Midlands Small to Medium Enterprises (SMEs) secretary general, Bigboy Murenga said the money was already there and will be distributed starting in April.
“The money comes from the presumptive tax so we requested government to provide it to us as a revolving fund. The money is there and will be allocated to deserving businesses. In two weeks’ time, $1 million will be distributed to qualifying applicants,” said Murenga.
SMEDCO is cooperation of small businesses formed to alleviate poverty and support sustainable economic development through affordable loans for small and medium enterprises.  It also provides capacity-building services that promote the establishment and growth of SMEs.
Murenga said the cooperative was ready to work with businesses from different sectors like mining, manufacturing, construction, agro-business, tourism and hospitality as well as financial services.