By Rudo Saungweme
Small and Medium Enterprise Development Cooperation (SMEDCO) continues to assist small to medium enterprises despite the economic challenges being experienced in the country.
Speaking to this publication today at Harare Agricultural Show, SMEDCO official, Rudo Maboreke said that they offered various loans to those who had a challenge in raising capital.
Maboreke stated that the loans offered by SMEDCO which include capital expenditure loan, working capital, infrastructure provision, order financing among others.
“We offer a number of loans to all those who need funds to start their businesses and also those who need to expand their businesses. Some of the loans include, capital expenditure, working capital loan, infrastructure provision, order financing,” she said.
On capital expenditure loan, Maboreke said that the loan was given to fund long term projects and was payable over a period of 24 months.
Maboreke said that working capital loan was given to finance day to day activities. She added that the loan was paid over a period of 12 months.
She said that the maximum amount of loan they give was RTGS$1million and is given after proper due diligence on the credibility of the intended business.
Maboreke highlighted that the interest rate per month is currently at 1,5 percent but with effect from 1 September this year, it will be 2,5 percent.
SMEDCO will go a long way in assisting businesses that may have challenges in starting up and expanding their businesses.