July 25, 2021
The Reserve Bank's Monetary Policy Committee approved a medium-term accommodation facility to enable MSMEs to access affordable funding to boost their operations. The facility will be made available through lending institutions including banks, building societies, POSB, microfinance banks as well as microfinance institutions through arrangements with the Zimbabwe Microfinance Fund.
May 14, 2020
ZIMBABWE has launched a new programme aimed at supporting and accelerating growth of Small to Medium Enterprises (SMEs) that have in recent years shown high potential for growth. The project, known as the “Zimbabwe National Gazelles” is being supported by the Government and social partners through the Ministry of Women’s Affairs, Community, Small and Medium Enterprises Development as it is in line with Vision 2030. ZB Bank is the official banker to the programme as the bank is supporting the programme budget as well as offering relevant SME advisory services.
Feb. 22, 2020
EMPOWER Bank will lend $60 million to 10 000 youths countrywide this year, the bank’s acting chief executive, Mr Shadreck Mhembere, has said. Since last year, the newly-established bank has lent over $9 million, with 1 500 youths benefiting from the loan facility. The interest rate is 5 to 7 percent depending on the nature of business.
He said the bank was flexible on collateral. “The topical issue has been collateral. We require some form of comfort. Our requirements for security are not rigid; we don’t look for traditional forms of security. We accept any assets that you have as security,” he said. “If you have a car you can make a pledge. You sign what we call a pledge document. You give us the registration book, but you remain with your car. If you fail to pay the loan we will take the car to recover the money.
“Our target for 2020 is to reach out to at least 10 000 youths. We expect 1 000 youths per province to benefit from the scheme. But, if funding allows, we want to do more than that".