eBusiness Weekly
Hilda Muchamiri
The Small and Medium Enterprises Development Corporation (Smedco), has disbursed about $10 million to SMEs in the last five years to support various projects.
Smedco general manager Gladys Kanyongo, told Business Weekly that those who received funding will be monitored to ensure their viability.
“We have disbursed (almost) $10 million (in the last five years). We monitor those who have accessed our loans in terms of jobs sustained and created.
“Their capacity to repay, the growth of their business assets and when we are checking and monitoring their performance will also be looked at,” said Kanyongo.
Availing finance to SMEs is one of the key roles of Smedco.
Funding is provided to businesses that operate “within the confines of the law”.
Given the employment challenges in the country, many people have turned to small businesses to eke out a living.
However, Government remains concerned that the bulk of SMEs are operating outside the law and therefore, cannot access financial support to grow their businesses.
SMEs that remain unregistered have recently been engaged in running battles with details from both the Zimbabwe Republic Police (ZRP) and Harare Municipal Police.
Informal traders have since been removed from central Harare, as Government deepened its fight against cholera.
The Zimbabwe Revenue Authority (Zimra) continues to call on companies that remain informal to register their businesses voluntarily.
This would help them to access funding from the various sector-specific banks established by Government such as EmpowerBank (for youths) and the Zimbabwe Women’s Micro-finance Bank.
By mid last year, over 8 000 SMEs had taken advantage of the window opened by Government to voluntarily register their business with Zimra so as to formalise their operations.
Meanwhile, traders at Mupedzanhamo Market have dismissed social claims that the market was up for demolition. The rumours started doing the rounds after the demolition of the Copacabana Flea Market along Chinhoyi Street.
The flea market was privately owned.
Secretary for administration for Mupedzanhamo Market, Philip Chikore, said the rumours were being peddled by malcontents bent on causing unnecessary panic to both traders and customers.
Ward 4 Councillor Martin Matinyanya addressed traders on Tuesday this week and reassured them the market would not be destroyed.
When Business Weekly crew visited the market on Tuesday, it was business as usual with traders jostling for consumers.
Harare City Council spokesperson Michael Chideme, also confirmed the market will not be destroyed.
Mupedzanhamo is one of the oldest, biggest and busiest markets in the country established in 1967 as Arts and Culture Centre.
It was a tourist attraction centre frequented by both local and foreigners, including students who would go on educational trips.
Currently, it has become popular as a market for second-hand clothes although the arts and culture component remains.
Harare City Council has designated places such as Coventry Road Holding Bay and Seke Road Bay, for SMEs, as it seeks to decongest the city to attain the World Class City Status by 2025.
