The Small Medium Enterprise Corporation (SMEC) is undertaking key reforms and initiatives, including Invest and Grow Money Plan and Business Start-Up Concept, in the National Capital District (NCD).
The program started in November last year with the mobilisation and formation of groups from six different Churches in NCD.
A total of 230 participants (13 men and 217 women) completed the two weeks training program and were presented with certificates. Of this group, 212 successfully opened their personal bank accounts under a partnership between SMEC and Women’s Micro Bank (WMB).
SMEC said 200 of them have obtained K500 loans each from the K100,000 that SME Corporation has set aside at the Women’s Micro Bank for business start – ups while the others were assisted by the bank.
WMB loaned a K106,000 to the 212 participants under the SME Corporation’s Invest and Grow Money Plan.
These loans are expected to be repaid at the end of the 16th week of the start-up phase. The principal amounts will be recouped to fund participants of the second and third training programs.
“Banking the unbanked through business creation concept is the key pillar of the Invest and Grow Money Plan targeting the under-privileged women who reside in the settlements and struggle to create income generating opportunities on daily-basis,” SMEC said.
“The concept basically empowers the participation of women in the Micro, Small and Medium Enterprise (MSME) space by creating women-owned enterprises.
“Business start-up straight after the training remains a huge challenge for many due to lack of start-up funds. “Hence, to bridge the missing link between the entrepreneurship training and business growth and development, SME Corporation has initiated “Invest and Grow Money Concept’’ to widen the opportunity gap for business start-ups.”