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ZB to increase support for SMEs

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ZB Financial Holdings says this year it will increase its support for the small-to-medium enterprises (SMEs), which have become key economic drivers in the country due to the shrinking formal sector.

BY MTHANDAZO NYONI

In emailed responses to NewsDay, ZB head group corporate services, Shadowsight Chiganze, said this year, their main focus is to support SMEs in different ways.

“We intend to expand our presence in the SMEs sector through supporting their business initiatives and will continue to participate in activities such as conferences, symposiums, seminars they may hold during the year to enable us to walk with them,” he said.

Chiganze said they would offer financial support to SMES and youth projects.

“We will also continue to pay special attention to women and youths-owned projects as a way of supporting these sectors in line with the financial inclusion strategy. We also plan to facilitate training programmes that will benefit our SME clients,” he said.

“We are offering working capital and capital expenditure facilities to deserving projects depending on viability and sustainability.”

Chiganze said their involvement in women and youth projects will continue and sufficient budgetary support will be provided to meet their projects.

He said since Zimbabwe’s agricultural season was showing good prospects for 2017 and given that the economy is agro-based, they expected related agro-based businesses to pick up and operate at improved capacities.

Zimbabwe’s economy is in deep distress and most companies have closed, forcing millions of people into the informal sector.

Currently, there are over 2,8 million SMEs in the country, employing 2,9 million people, which is over 50% of the country’s labour force.

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