Govt backs SMEs in industrial yards with financing, training

Subeta Mutelo, the Permanent Secretary of the Ministry of Small and Medium Enterprise Development, has stated that the government is providing financial support to Small and Medium Enterprises (SMEs) operating in industrial yards to help sustain their operations.

Mutelo revealed that the government currently owned about seven industrial yards where these SMEs operate.

She underscored that beyond financial assistance, the government was also offering financial literacy and capacity-building programmes to enhance the skills of SMEs within these industrial yards.

Speaking in an interview on Friday in Lusaka, Mutelo outlined how her ministry was assisting SMEs to stay afloat.

She noted that the government was supporting these enterprises through the Citizen Economic Empowerment Commission (CEEC) with loans and grants aimed at fostering business growth.

“The SMEs are being financed through Citizen Economic Empowerment Commission (CEEC) loans and grants for their businesses to grow,” Mutelo explained.

“Before getting the financial assistance, they need to undergo capacity building. When they finish the capacity building training, we give them certificates, then we hand them over to CEEC. CEEC will not help them with financial assistance without certificates,” she added.

Mutelo mentioned that many SMEs have applied for loans and grants ranging from K500,000 to K2 million.

However, she acknowledged that CEEC had faced challenges with loan repayments in the past, as some SMEs have diverted funds for unintended purposes.

Mutelo stated the importance of adhering to the intended use of the funds to ensure that SMEs can successfully repay their loans and continue to benefit from government support.

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