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Tanzanian SMEs told to formalizeTuesday, July 29, 2014 > 09:21:16
(East Africa Business Week)
The Director for Small Industries and SMEs in the Ministry of Industry and Trade, Dr Consolata Ishebabi told East African Business Week formalisation will also help to give SMEs better chances of accessing a wider range of financial institutions.
She said, “Once an entrepreneur registers his/her business, it becomes easier for financial institutions with loan facilities to have faith that if they loan you, there will be security for your business and they will get back their money.
“It will also be difficult to be part of traders who are being chased out of various markets by city militiamen for operating illegally in unwanted areas.”
Dr Ishebabi was recently speaking to entrepreneurs from Mbeya, Arusha and Dar es Salaam regions, who were being trained in entrepreneurial skills.
They also received seed capital from FAIDIKA, a financial institution, for their business plan write-ups.
Speaking about the business plan writing competition, the Chief Executive Officer for FAIDIKA, Marion Moore said five winners from each regions were picked after judges scrutinized their plans based on the set criterions.
“FAIDIKA is today handing over financial aid, which will be used as seed capital, to entrepreneurs whose business plans have met all the criterions set by our judges,” she said.
Dr Ishebabi applauded the management of FAIDIKA for its innovative strategy that ensures that entrepreneurs who receive financial support from the institution are followed up and guided.
FAIDIKA organized the competition after a two days training for over 300 entrepreneurs from Dar es Salaam, Mbeya and Arusha, targeting a total of three groups.