165 loans disbursed to MSMEs from E45m fund

MBABANE – Through the E45 million Revolving Fund to lessen the impact of COVID-19 on businesses, a total of 165 loans were disbursed to local MSMEs from March to July.

MSME is an acronym for micro, small and medium enterprises.

The loans amount to about E10 118 891.81 combined.

This is according to statistics from the EswatiniBank – SME Division as at end of July 2021.

The fund became operational on February 1, 2021, through the Eswatini Post COVID-19 Recovery Plan, which was also launched by the late Prime Minister, Ambrose Mandvulo Dlamini, last year August.

The Post COVID-19 Recovery Plan, which the fund fell under, was announced to be worth E30 billion, with a potential of creating 40 126 job opportunities.

Director of MSMEs in the Ministry of Commerce, Industry and Trade Mluleki Dlamini said as a ministry responsible for the

MSMEs, they were impressed with the progress of the fund so far.

He said though they had not yet reached the point to say they had addressed the impact, they were still encouraging more small business owners to come forward to get assistance from this fund.

Dlamini encouraged stakeholders to come forward with input on how best the fund could be made accessible to businesspeople. He said it was understood that some businesspeople had been hit by the unrest.

Meanwhile, recently the Federation of Eswatini Business Community (FESBC), in partnership with EswatiniBank, officially launched the Business Rescue Model through the E45 million COVID-19 Revolving Fund.

FESBC Head of Transformation Mavela Sigwane said local businesses were very excited about this.

Sigwane said FESBC had been calling for the immediate registration of local businesses in order to get financial help in dealing with COVID-19 and the current political climate’s effects.