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Tuesday, June 18, 2024

Empowering female entrepreneurs high on the agenda

Story by Yolanda Moyo

THE Bulawayo chapter of the ZANU PF Women’s League has received a significant boost, after benefiting from a revolving fund aimed at empowering female entrepreneurs in the micro, small, and medium enterprise (MSME) sector.

The ZANU PF Women’s League is on a drive to upscale empowerment in micro-businesses, with the initiative receiving a shot in the arm through a US$50 000 revolving fund.

“This is very critical if we are to realise Vision 2030, it is critical to empower women. The revolving fund needs to be structured very well so that it will not be abused. This is a tremendous opportunity for our members. Many women have brilliant ideas and the drive to succeed, but access to capital has often been a major hurdle. This revolving fund will provide the financial resources they need to turn their dreams into reality,” said  ZANU PF Women’s League Deputy Secretary, Honourable Judith Ncube.

 Bulawayo Young Women for ED Chairperson, Sandra Ndebele said, “The fund will facilitate access to capital for a wider range of women-led businesses, fostering innovation and economic growth within the micro-business sector.”

Having played a key role, ZANU PF politburo member Professor Mthuli Ncube outlined plans by the Treasury to dismantle barriers for women seeking loans from banks.

“We recognise the challenge women face in accessing traditional financing due to a lack of collateral. Treasury is actively implementing measures to address this issue, including exploring alternative credit assessment models and working with banks on providing prescribed asset status and that should be concluded soon enabling the banks to be able to provide access to finance for women and youth without collateral and we are looking into this issue. What they are looking for treasury is to be able to borrow,” he said.

Meanwhile, a separate fund was allocated to support people with disabilities in establishing micro-businesses, demonstrating the government’s commitment to fostering financial independence across diverse demographics.

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