Thursday, May 23, 2019

ZimConnect Module

Micro Enterprise Development Fund Launched

 

Access to finance remains one of the critical barriers affecting the growth and innovativeness of many MSMEs in Zimbabwe whilst micro enterprises are the most disadvantaged groups of enterprises in accessing finance. Most micro enterprises cannot meet the terms and conditions required by financial institutions but they are playing a considerably significant role in our societies in creating employment, alleviating poverty, improving standards of living and creating sustainable livelihoods.

In its mandate to facilitate access to finance, the Ministry in collaboration with Help from Germany a non-governmental relief organisation launched the Micro Enterprise Development Fund, a self-reliance project, which is set to benefit innovative enterprising individuals, groups and existing micro enterprises in Tafara, Mabvuku and other disadvantaged areas of Harare. The project was launched under the theme “Building Sustainable Livelihoods through Micro-enterprise Development”. The project is set to benefit 450 micro enterprises.

Selection criteria:

  1. Fund targeting individuals, groups and existing microenterprises
  2. Applicant must be operating an income generating project
  3. Applicant must exhibit sound business ideas for expanding and starting own economic activity.
  4. Applicant must be a resident of the targeted areas.
  5. Finance approved will be in form of material/equipment worth $500.
  6. Beneficiaries to contribute 15% percent of the grant in a community project.

 

The ''Help from Germany'' organization

Contact Details:

4 Otto Drive, Chisipite
Harare
Tel/Fax: (04) 885008