Revolving fund breathes life into cross-border businesses

Raymond Jaravaza, Zimpapers Writer

JUST a year ago, Mrs Gertrude Ncube stood on the brink of losing everything. Her small retail business, the sole source of income for her family, was buckling under the weight of rising costs and dwindling capital.

With no collateral to offer, banks and micro-finance institutions closed their doors, leaving her in mounting despair. Relief eventually arrived via the Cross-Border Empowerment Fund, a US$200 000 revolving facility designed to provide long-term economic support to traders traditionally excluded from mainstream financial systems.

Launched last year under the CrossBorders4ED initiative, the fund has expanded from the Midlands Province to other regions, marking a significant milestone in grassroots entrepreneurship.

“I received a US$2 500 loan from CrossBorders4ED at a time when my grocery business was about to collapse. To be honest, the loan was a lifeline. I used the money to buy groceries in bulk and, little by little, the business picked up. I managed to repay the loan in full and today I am happy to see other people also benefitting from the same facility,” Mrs Ncube said.

Mrs Ncube was among scores of beneficiaries who gathered at a local hotel over the weekend to witness the disbursement of new loans — some reaching US$10 000 — sustained by the repayments of the initial cohort.

The fund aligns with President Mnangagwa’s broader economic agenda, which seeks to promote inclusive development under the policy of “leaving no one and no place behind”. The initiative mirrors other schemes, such as the Presidential Youth Fund and the Presidential War Veterans Fund, aimed at unlocking opportunities for marginalised groups.

Unveiling the facility, Special Presidential Investment Adviser Dr Paul Tungwarara said the fund provides traders with the financial leverage required to scale their businesses.

“As we launch the US$200 000 CrossBorders4ED revolving fund, I urge Zimra to work hand in glove with cross-border traders,” said Dr Tungwarara. He emphasised that supporting small-scale traders is vital to strengthening the informal sector, a key driver of job creation.

CrossBorders4ED Bulawayo Province chairperson Mr Pride Mapurisa stressed that strict repayment is critical to the programme’s longevity.

“This is a revolving fund that must benefit all our members. As the Bulawayo provincial chairperson, I will ensure that every cent borrowed is repaid. Dr Tungwarara established this fund to support President Mnangagwa’s vision, and we will make sure that all members benefit and grow their businesses,” he said.

Zanu-PF Bulawayo provincial chairperson Cde Jabulani Sibanda expressed encouragement following a tour of businesses at a local mall.

“We visited vending bays run by CrossBorders4ED members who benefitted from the first batch of the fund, and we can see that they are running successful businesses,” he said.

However, Cde Sibanda challenged beneficiaries to transition from simple trading into value addition and manufacturing.

“My appeal is for traders not to rely solely on trading, but to venture into manufacturing so that we grow the economy and create employment for the youth. When you receive this money, use it wisely and repay it so that others can also benefit from this revolving empowerment fund,” he said.