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Under the fund, Metropolitan Bank and the First Banking Corporation (FBC) are extending loans to retrenchees to start various projects.
NSSA general manager Mr James Matiza said the two banks have so far approved more than 300 applications.
“The Metropolitan Bank has finalised 200 applications while FBC bank approved 100,” he said, noting that “about 95 percent of the applicants want US$5 000 each.”
The loans, which would be repayable over six to 12 months, range between US$500 and US$5 000 at an interest rate of 10 percent per annum.
He said applicants should satisfy requirements set by the lending banks.
“Some retrenchees are coming to us complaining that banks have turned them away and as NSSA we cannot do anything to help them.
“All applicants should meet the banks’ and NSSA’s minimum requirements,” Mr Matiza said.
Most of the retrenchees have criticised the authority and the banks for setting rigid requirements.
Mr Matiza said the loans would only be accessed by retrenchees aged 18 years and above.
Initially the loans were only accessible to those aged between18 and 54 years.
“The age restriction has been suspended. Anyone who was retrenched and meets the banks and NSSA requirements can now benefit,” he said. Since 2009, over 3 000 employees have been retrenched with the banking sector being the hardest hit. – New Ziana.
Online Reporter