Sundaymail EditorMeanwhile, SMEs say there is need for additional support if fledgling businesses are to graduate into big corporates.
Acting chair of the Harare Chamber of SMEs Mr Shakie Museve indicated that the sector’s biggest challenge remained accessing funding from banks.
“Big companies in other countries started as SMEs. This sector has sustained the economy throughout the years as big companies closed doors or downsized operations…
“We are pleading with Government to increase funding for SMEs. We have the means to turnaround the economy but lack capital to support the plans. Also it is difficult for SMEs to deposit money in banks because the same institutions have failed to support us,” said Mr Museve.
Minister Chinamasa allocated US$1,9 million to the Small and Medium Enterprise Development Corporation for on lending to SMEs.
The SMEs sector contributes over 50 percent to the national GDP and employs the majority of the employable population, supporting industries such as agriculture and manufacturing.
Its growth is expected to boost the manufacturing industry, which is expected to grow marginally by 1,7 percent on the back of sustainable implementation of policy interventions pronounced in the 2014 Mid-Term Fiscal Policy Statement.
Zimbabwe’s economy is forecast to grow by 3,2 percent next year underpinned by planned investments in agriculture, mining and infrastructure projects in the energy sector.
Online Reporter