Women Empowerment Fund launches $500,000 loan project

Whinsley Masara, Chronicle Reporter
THE Women Empowerment Fund (WEF) yesterday officially launched a $500,000 loan project to more than 300 women in Bulawayo aimed at assisting individual and group economic projects.

Fund coordinator Sally Njolomole, who is also the secretary for women’s portfolio in the Affirmative Action Group (AAG), said WEF, a subsidiary of the AAG, was meant to deepen integration of women empowerment.

“The initial seed capital of $500,000 is meant to financially empower women through provision of loans to initiate or improve their businesses, keeping them self sustained.

“Creation of the fund came after a realisation that most women could not access bank loans to fund their projects and small businesses due to lack of collateral,” she said.

Njolomole said this was an opportunity for women to implement their business ideas.

“As a fund we want to improve the livelihoods of women who’re the backbone of the society and boost existing businesses,” she said.

Vice chairperson of the organisation, Shantelle Muteswa said WEF would give small loans ranging from $50 up to $500, which are payable over a period of three to six months depending on the nature of the business with no collateral required.

“Recipients of loans would go through a registration and vetting process to determine eligibility.

The aim of the fund is to finance start ups and small projects,” she said.

“After having established in all the country’s provinces, we intended to also launch a gender promotion initiative as well as a girl child specific sector that is targeting young women who despite having completed their tertiary education are still unemployed,” she said.

She said this would be a platform for them to discuss their different opportunities and we’ll also be grooming them on being entrepreneurs and businesswomen.

Muteswa said WEF has secured an investor who is willing to grow the fund and they were hoping to attract corporate and the government support to ensure that women from all walks of life got the support they deserve for the betterment of the community and nation at large.  WEF is the brainchild of 12 women.