{"id":5467,"date":"2021-09-06T20:37:34","date_gmt":"2021-09-06T20:37:34","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/neef-loan-beneficiaries-complain-of-harsh-business-environment-pa-ground-sipalibho-2"},"modified":"2021-09-06T21:06:19","modified_gmt":"2021-09-06T21:06:19","slug":"neef-loan-beneficiaries-complain-of-harsh-business-environment-pa-ground-sipalibho-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/neef-loan-beneficiaries-complain-of-harsh-business-environment-pa-ground-sipalibho-2","title":{"rendered":"NEEF loan beneficiaries complain of harsh business environment: \u201cPa ground sipalibho\u201d"},"content":{"rendered":"

Africa-Press<\/a> – Malawi<\/a>. <\/strong><\/span>Some beneficiaries of the National Economic Empowerment Fund (NEEF) loans fear they may not repay their debts due to unfavorable business environment in the country.<\/p>\n

Speaking in random interviews in Mzuzu, the beneficiaries stressed that the spike in prices of goods has greatly impacted their businesses. \u201cThe economic instability is a demerit to our businesses. Potential customers have no money to buy from us,\u201d said Maria Chipeta, who borrowed MK500,000.<\/p>\n

\u201cI invested the loan in Kaunjika (second hand clothes). Despite trying hard to vend, I\u2019m not making profits. People have no money. I spend the whole day without selling.\u201d<\/p>\n

John Chirwa, another beneficiary, said: \u201cOthers have fled. Leaving the burden on their friends. They tried several businesses, which couldn\u2019t materialize due to the unfavorable business environment in Malawi.\u201d<\/p>\n

Gregory Mzumara, who borrowed MK250,000, and pumped it in a grocery, in Mchengautuwa township, disclosed, his business has vanished into thin air, even before he has begun repaying his loan to NEEF.<\/p>\n

\u201cMy grocery is in shambles. It\u2019s on the verge of collapsing completely. Ironically, I\u2019ve not began repaying the loan to NEEF,\u201d he said.<\/p>\n

Thumbiko Mwale, a seasoned economist cum tutor at Mzuzu Business College, concurred with the disgruntled business community, saying, the economic instability has messed up the business environment in the country.<\/p>\n

\u201cIt\u2019s true. With the economy in this state, they can\u2019t thrive in business. It\u2019s very difficult. Any business can\u2019t work. Most people have no buying power\u2026so I would agree with you,\u201d he said. NEEF loans have varied repayment periods, ranging from six months to yearly and above.<\/p>\n

Government, in a quest to empower Malawians, has been implementing similar loan schemes since 2009. Unfortunately, due to what commentators describe as poor planning, the objectives of the same, have not been achieved ever since.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. Some beneficiaries of the National Economic Empowerment Fund (NEEF) loans fear they may not repay their debts due to unfavorable business environment in the country. Speaking in random interviews in Mzuzu, the beneficiaries stressed that the spike in prices of goods has greatly impacted their businesses. \u201cThe economic instability is a demerit […]<\/p>\n","protected":false},"author":84,"featured_media":5464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,371,314,234,278,2175],"class_list":["post-5467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-malawi","tag-business","tag-malawi","tag-mzuzu","tag-neef"],"yoast_head":"\nNEEF loan beneficiaries complain of harsh business environment: \u201cPa ground sipalibho\u201d - Malawi<\/title>\n<meta name=\"description\" content=\"Some beneficiaries of the National Economic Empowerment Fund (NEEF) loans fear they may not repay their debts due to unf ...\" 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