Friday, September 02, 2011

Bank to support young graduates


Tanzania Women’s Bank (TWB) has pledged to provide start-up capital to young graduates to enable them to invest.According to TWB managing director Margaret Chacha, the aim is to encourage educated and creative youth to enter into business. “We encourage them to establish their own businesses, employ themselves as well as other people,” she said told The Citizen recently.

The scheme will involve supporting mainly young women who have brilliant ideas of setting up small and medium-sized enterprises in manufacturing, trading and services but lack or have inadequate capital.However, she said many young women with little education and without capital were unable to borrow money from banks because they lacked collateral or guarantors.


To serve such people, TWB is inviting successful businesswomen with idle or extra funds to deposit portions of the money into the bank to increase its ability to provide loans at low lending rates to other women who need the money to start small ventures.

“They are encouraged to deposit or put any idle funds into the bank to enable it to build a funding pool. Loans are given as start-up capital or working capital to assist others whose payback period starts soon after their small businesses are up and running. The turnaround is fairly rapid because we are talking of small business start-ups such as fast food snacks, hairdressing salons, semi-skilled clothes designers and manufacturers,” she said.


Source: The Citizen


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