The Sunday News
Roberta Katunga, Senior Business Reporter
A FUND meant to financially empower women through provision of loans to initiate or improve their businesses has been created with an initial seed capital of $500 000.
Officials said the Women Empowerment Fund (WEF), a subsidiary of the Affirmative Action Group (AAG) which will be officially launched on Thursday in Bulawayo is meant to deepen integration of women empowerment.
Fund co-ordinator Mrs Sally Njolomole who is also the secretary for women’s portfolio in the AAG said the creation of the fund came after a realisation that most women could not access bank loans to fund their projects and small businesses due to lack of collateral.
“This is an opportunity for women to implement the ideas that they have been harbouring. As a fund we want to improve the livelihoods of women who are the backbone of the society and boost existing businesses,” said Mrs Njolomole.
Speaking on the loans, Mrs Njolomole said the WEF would give small loans of up to $500 which are payable over a period of three to six months depending on the nature of the business with no collateral required. She said recipients of loans would go through a vetting process to determine eligibility.
“The aim of the fund is to finance start ups and small projects. We will also be launching a gender promotion initiative as well as a girl child specific sector that is targeting young women who despite having completed their tertiary education are still unemployed. This would be a platform for them to discuss their different opportunities and we will also be grooming them on being entrepreneurs and businesswomen,” said Mrs Njolomole.
She said WEF secured an investor who is willing to grow the fund and they were hoping to attract corporate and Government support to ensure that women from all walks of life got the support they deserve for the betterment of the community and nation at large. WEF is the brainchild of 12 women who came together to create the fund.
“We are inviting everyone to our launch at Homestead Conference Centre on 28 April between 10 am and 1pm. We will also be having another corporate launch at Holiday Inn later in the evening,” she said, adding that this was an opportunity for people to learn more about the fund and interact with each other.
