The Small Enterprise Development Corporation (Sedco) has, since 2002, distributed loans amounting to $949 million to over 1,557 borrowers under the Small-to-Medium Enterprise (SME) fund, a company official said.
The corporation provides financial and development services to SMEs engaged in services and manufacturing sectors such as food processing, wood and furniture making, textiles, clothing and garments, metal fabrication and engineering, horticulture, ceramics and handicrafts and tourism. In 2001, Sedco released $449 million to the development of SMEs that are now being seen as the panacea to the country's economic problems, which include unemployment and shrinking incomes.
Sedco general manager Mr Joseph Nyamunda said the popularity of the fund has grown tremendously since its inception in 2001 and the repayment performance now averages around 80 percent. The SME fund is a revolving facility that is available to manufacturing and value adding businesses...