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Sithandazile Moyo Business Reporter
THE Bulawayo Chamber of Small to Medium Enterprises is working on forming an association that will render financial support to small and medium enterprises in the city. In an interview, the provincial chairman of the Bulawayo Chamber of Small to Medium Enterprise Energy Majazi said they were working on forming an association where the SMEs would raise savings.
“We are working on forming an association where SMEs will do their savings. It will do a similar job as that of a micro financial institution and it will help our members to save and be able to get assistance,” he said.
He said they would make sure that the association was established despite the challenges they were facing.
“The plans to form this association are on although there are financial constraints which are slowing down its establishment. If formed, the association will assist members in the province,” he said.
Majazi said in 2013, they had planned to establish SMEs and co-operatives savings bank but this did not materialise because of financial constraints.
“Initially, we had planned to establish a savings bank before the end of the year but the project did not materialise because we faced financial constraints and other challenges,” he said.
He appealed to the Ministry of Small and Medium Enterprises and Co-operative Development to assist establish such a bank so that SMEs do not largely on donor funding.
“We hope that the Minister will work on the issue during the course of the year so that SMEs grow,” he said.
Meanwhile, Finance and Economic Development Minister Patrick Chinamasa in the 2014 national budget, said the Zimbabwe Stock Exchange was in the process of developing an exchange for SMEs to broaden their participation in the mainstream economy.
At present, the SMEs sector was the economic engine for the country, employing more than five million people in different sectors.
Online Reporter