Empower Bank approves loans worth $1m

THE Empower Bank has disbursed loans worth $1 million out of the $4,1 million that has been set aside for financing young businesses across the country.

The bank, which was launched by Government last year to support various youth initiatives said to date it has reached out to more than 6 000 youths with potential to set up viable businesses.

Head of marketing and communication, Mrs Christina Muchekeza, said demand for agribusiness loans has compelled the bank to make syndication arrangements with other financial institutions.

“To date the bank has approved loans of about $1 million dollars with some awaiting disbursement. Since inception we have reached out to more than 6 000 youths through our various marketing and outreach programmes across the country,” she said.

“Loans that have been approved for the agricultural sector and its value chain are the significant part of our loan book with more than, $4.1 million under consideration for various individual clients, groups, and associations with most of them under contract farming for both crop and animal husbandry.”

Mrs Muchekeza said some of the loans were targeting value chain financing. She said the agribusiness sector was consuming the bulk of the loans, which is why the bank was looking into syndication arrangements with other financial institutions.