(LUSAKATIMES) Poor funding to SMEs hinders their progress

Poor funding to SMEs hinders their progress
Wednesday, October 14, 2009, 13:34

The Zambia Chamber of Small and Medium Business Associations (ZCSMBA) has asked government to fully establish the Small Medium Enterprise fund under the Zambia Development Agency (ZDA).

ZCSMBA Chairperson Maxwell Sichula said there was need for government to ensure that the SME funding under the ZDA act was fully operational to make the sector grow.
Mr. Sichula told ZANIS in Lusaka today that currently, the SMEs were faced with a lot of challenges in trying to expand their businesses hence the need for government to make the funding accessible.

He explained that if the fund is made available, many SMEs will be given a chance to grow, therefore contributing positively towards national development.

Mr. Sichula noted that currently, the growth of the SME sector poses a challenge to the country’s economy as many of them have failed to meaningfully participate in the economic expansion programmes of the country.

He stressed that this was why government should support initiatives aimed at promoting small business.

Meanwhile, Mr. Sichula has expressed happiness with government‘s decision to table a warehouse protection bill before parliament.

He pointed out that if passed, the bill will go a long way in improving the present storage operation systems in the country therefore benefiting a lot of his members.
He has since called on Members of Parliament to support the bill when it is tabled in the house.

During his 2010 national budget address to parliament, Finance and National Planning Minister Situmbeko Musokotwane announced that a warehouse bill will soon be taken to parliament.

[ZANIS]