30 SMEs shortlisted for US$250 000 revolving fund

Judith Phiri, Business Reporter

THIRTY small to medium enterprises (SMEs) from the Matabeleland region have been shortlisted and are set to benefit from the US$250 000 revolving fund being rolled out by the Zimbabwe West Union Conference (ZWUC) Adventist-Laymen’s Services and Industries (ASI)’s Chapter of Seventh Day Adventists.

The innovative revolving fund launched in February is poised to catalyse entrepreneurial endeavours and contribute to the economic empowerment of the community.

This pioneering move by the ASI Chapter signifies a major commitment to fostering the growth and development of member-run businesses within the Seventh Day Adventist community.

In an interview, ZWUC ASI Chapter finance director, Mr Alson Bhebe said out of 50 applicants they have shortlisted 30.
“We launched our empowerment fund in February and since then we have been seized with setting up an environment where we can disburse the fund. We have come up with policies that guide how the fund is going to be rolled out.

“We also came up with structures and committees that worked on the selection of applicants and approval. We considered people who submitted business proposals that are viable and whose projects that we can see that they can be sustained as well as be able to empower the applicants,” he said.

Mr Bhebe said the shortlisted applicants were from different parts of Matabeleland including Bulawayo, Bubi, Beitbridge, Maphisa and Victoria Falls.

“The other 20 participants who did not make it into the list, are not going to be discarded, but we are going to consider them in our next payout. We expect to have another payout in July and the third one in October. So those who may not have qualified now for whatever reason we will still consider them.”

Mr Bhebe said participants were mainly in the agriculture sector, with 65 percent of them into poultry farming, followed by those in horticulture and a few doing pen fattening, while one was in construction.

“We prefer working with applicants who want us to pay directly to suppliers, several applicants are looking for order finance. We are happy to work with those because repayment is assured,” he said.

He said they were excited about the journey they were embarking on, while also anxious because this was their first time rolling out a revolving fund of such a magnitude.

Mr Bhebe said they were hoping that all the applicants would be able to repay the fund so that it keeps exchanging hands and they keep empowering more of their members.

“We are also still working on growing this fund, we desire to have it grow to US$1 million or even more. Currently, we are sitting at US$250  000 and we have promises of potential funders who can help us grow this fund,” he said.

ASI, is a dynamic membership-based organisation comprising Seventh Day Adventist laypeople dedicated to actively advancing the church’s global mission, encompasses a diverse range of members, from business owners to individual professionals and supporting ministries.