Author: URBAN EPIMARK
AfricaPress-Tanzania: THE National Economic Empowerment Council (NEEC), has established a special basket fund to enhance SMEs to access easy loans to strengthening their ventures with a low-interest rate.
NEEC’s Executive Secretary, Beng’i Issa said yesterday in Dar es Salaam that the fund would be fully administered by Azania Bank across the country effective from today.
“The government via NEEC has established a special basket which targets to enhance SMEs to access easy loans to facilitate their ventures and enable the country archive the middle income economy level as planned,” she said.
The Executive Secretary further noted that the funds will be sourced by National Social Security Funds (NSSF) and all SMEs in the country can apply for them at between 8.0m/-and 50m/-for small scale businesses and 50m/-and 500m/-for medium-level ventures.
The payback period of these loans would be one to seven years.
NSSF Director General Mr William Erio said the fund will be operated under revolving methodology and it has enough cash.
Director General further added that NSSF is working hands to hands with NEEC to ensure government policy to enhance SMEs in the country registers success as per planned goals.
NSSF has already made provision of over 5.0bn/-administered by Azania under the same programme while fund monitoring and evaluation is done in collaboration with VETA and SIDO.
