Wednesday, July 14, 2010

Women's body seeks K1bn loan from CEEC for sub-lending

Women's body seeks K1bn loan from CEEC for sub-lending
By Florence Bupe
Wed 14 July 2010, 15:30 CAT

THE Zambia Federation of Associations of Women in Business (ZFAWIB) has applied for a K1 billion loan under the Citizens Economic Empowerment Commission (CEEC) for the purpose of sub-lending to women entrepreneurs.

ZFAWIB chairperson Christine Mulundika disclosed that her organisation had already drafted a proposal to the CEEC for the loan facility to help ease women entrepreneurs’ access to funds.

She said limited access to funds for business purposes was still a major hindrance to the development of most women entrepreneurs in the country.

“We have been having hitches in accessing funds as women entrepreneurs and we have written a proposal to the CEEC to give us money which we will be able to sub- lend to members of our association. We are looking at an initial amount of K1 billion,” she said.

Mulundika said ZFAWIB was partnering with banks to educate women entrepreneurs on prudent financial management and business proposal writing skills.

“We are currently working with Stanchart (Standard Chartered Bank) to train about 130 women in writing business plans and proposals and we would like to urge other banks to partner with us to empower our women for economic development,” she said.

Mulundika urged Zambian women to grow out of cultural beliefs that border on dependence on men and venture into programmes that would make them self reliant.

She observed that the rate of widowed women was increasing, hence the urgent need for women to be enterprising for their sustenance in the event of their spouses’ death.

Mulundika called on lending institutions to support women in ZFAWIB and assured that members would always pay back loans.

ZFAWIB is a country level non-governmental organisation spearheaded by the International Labour Organisation (ILO) aimed at promoting women’s entrepreneurial activities in all sectors of the economy.

The organisation has earmarked September this year to honour excelling Zambian women entrepreneurs under the theme “Women Entrepreneurs: Creating Employment amid the Global Economic Crisis”.

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