Zimbabwe National Co-operative Federation (ZNCF) Small and Medium Enterprises has launched an entrepreneurship fund to help small business owners boost their businesses.
The launch of the fund, called the Federation Investment Entrepreneurship Fund (FIEF), is aimed at creating opportunities for entrepreneurs who lack finances to start or boost their projects.
ZNCF SMEs President, Mr Mike Duru said the fund seeks to help business people secure funding for their projects.
“We are responding to the President’s mantra that Zimbabwe is open for business, so we have targeted those in business. However, the most difficult part is where to get the funding. Yes they have skills they have been in business for a long time but they are not able to upscale their businesses,” he said.
“What we have come in to do is to give them that window where they are going to access funding to upscale their businesses. We need everyone to be able to bring back something home. We need people to move away from poverty, we need people to do sustainable economic development projects that would assist them in their lives,” he added.
ZNCF SMEs will be working with a local bank to assist local entrepreneurs upscale their business operations.
Metbank Director Consumer Banking, Mrs Sarah Tembedzi said the main objective of the fund is to ensure that business people have access to loans.
“As we come together with FIEF, we are going to emancipate the ordinary citizen and everyone who is interested in taking action. Our objective is to see that everyone is financially included,” she said.
This initiative will see members of the FIEF get assistance from a local bank.
The fund was launched in Mutare but will soon be introduced in other provinces.