Formalise your businesses, women urged

THE Ministry of Industry and Commerce is encouraging women whose businesses are at incubation stage to formalise such operations in order to benefit from lines of credit and contribute meaningfully to the revival of economy.

The business development officer for Chipinge Mrs Ivy Katawa Chitambo made the remarks during a businesswomen training forum organised by the Zimbabwe Women Merchant Bank, which supports women micro businesses on Monday this week.

“Most businesses fail, not because they are not ideal, but because their owners do not formalise their ventures. Businesses must have proper records and be registered so that they can be recognised by financial institutions,” said Mrs Chitambo, adding that there was need for upcoming business to apply for reasonable loans from banks.

“Sometimes we kill our businesses by applying for wrong loans. Before one applies for such, get ideal financial advice from professionals on whether or not that business really needs the type of loans being applied for. You need to be properly advised if your type of business can sustain the type of a loan you intend to acquire,” added Mrs Chitambo.

She also urged the businesses to link up with her ministry and get appropriate expert advice.

“Our ministry is open for every business regardless of its size. It does not matter how small or big it is. We urge women to come and get appropriate advices on to improve their businesses. Above all, come and register your business so that we can help you with business plans and cash flow projections,” she said.

Zimbabwe Women Merchant Bank officer for Chipinge Mrs Faith Garwi urged women to apply for assets from the bank.

“I encourage women to be disciplined and apply for assets from financiers. It is advantageous to acquire assets for your businesses since assets are long term investments than cash. The bank is open to any reasonable business undertaken by women in Zimbabwe,” she said.