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Peggie Nyathi receives $350 from Minister of Small and Medium Enterprises and Cooperative Development Sithembiso Nyoni at a loan disbursement to vegetable vendors in Bulawayo yesterday

Business Reporter
MET Capital Partners, a subsidiary of MetBank, has come up with a funding package for the informal sector in Bulawayo, Gweru and Harare with vendors eligible to access loan benefits of up to $1,000.

Small to Medium Enterprises and Cooperative Development Minister Sithembiso Nyoni presided over the official launch of the loan scheme in Bulawayo on Friday where 50 vendors received $400 cash each to boost their businesses.

Richard Makuchete, the financial institution’s managing director said the facility was meant to enhance the attainment of the government’s economic goals as espoused in the economic blue-print, Zim Asset.

“In support of Zim-Asset we’ve come in to assist small businesses with loans, especially those in the agriculture sector.

“This is part of the programme we started in Harare and Gweru and today we’re here. We want to capacitate you to purchase agriculture products from farmers for resale,” said Makuchete.

“Bulawayo has hard working people who’re also honest. From the first round of disbursement of loans most traders here paid back the money on time.

“We’ve since relaxed the loan conditions to increase affordability to funding. We started with $200 and this is a revolving fund.”

He said those who have paid back the money were now allowed to borrow double the amount.

“Today we’re giving 50 traders $400 each and we’re saying if people remain honest we can give you up to $1,000. We urge you to pay on time so that we can extend the funding to others,” said Makuchete.

Minister Nyoni applauded the bank for setting up the funding facility for small businesses, especially vegetable vendors and said the loans would be extended to flea market traders that deal with clothing.

She said sound economic development should start with ordinary people and described the loans as a timely boost.

One of the beneficiaries, Amon Chibasa, who sells fruits and vegetables along Fife Street, said he would use the $400 loan to boost his stock ahead of the festive season.

“This is a timely boost for my business. I will increase my stock as the festive season comes. On average I make $60 and $120 at peak per day,” he said.