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Tanzania: SMEs Urged to FormaliseFriday, July 18, 2014 > 08:54:53
Small and Medium Entrepreneurs (SMEs) to formalise their operations to end conflicts with local authorities and benefit from easy access to services of financial institutions.
The Director for Small Industries in the Ministry of Industry and Trade, Dr Consolata Ishebabi, said this to entrepreneurs from Mbeya, Arusha and Dar es Salaam regions.
The entrepreneurs had undergone training on business skills and received seed capital from FAIDIKA. Mrs Ishebabi said formalised and licensed business must be allocated areas to operate, thus giving an entrepreneur advantage of using his business to get loans from various financial institutions, as well as being at peace with the local authorities.
"Once an entrepreneur registers business, it becomes easier for financial institutions to offer its services. It will also be difficult for them to be part of traders who are being chased out of various markets by city militiamen for operating illegally in forbidden spots," said Mrs Ishebabi.
She applauded the management of FAIDIKA for its innovative strategy that ensures that entrepreneurs who receive financial support from the institution were tracked down and guided on the best practices.
Speaking about the business plan writing competition award, the Chief Executive Officer for FAIDIKA, Marion Moore said five winners from each regions were picked after judges scrutinised their plans based on the set criteria. "FAIDIKA is today handing over financial aid, which will be used as seed capital, to entrepreneurs whose business plans have met all the criteria set by our judges.
"In each region, first winner will receive support according to their business plans needs as follows: First winner will get 1.2m/-, the second winner 800,000/-, third winner 500,000/- , fourth person 300,000/- and the fifth person will get 200,000/-.
"FAIDIKA organised the competition after a two days training for over 300 entrepreneurs from Dar es Salaam, Mbeya and Arusha, targeting three groups: Tanzanian women 34 per cent, people with disabilities 32 per cent and ordinary people from the streets 34 per cent," she said