Today, NMB Bank, Untu Capital (a microfinance business) and the Eastern and Southern African Trading Bank (TDB formerly called PTA) unveiled a new fund for small businesses.
The ZW$1M fund is guaranteed by TDB meaning that small business players can access loans without needing to declare collateral. The loans will be accessed through Untu Capital. Untu is also receiving an additional ZW$250 000 grant to enhance it’s capacity to lend to SMEs.
Gloria Mamba, the TDA head of mission said this guarantee is a first of its kind and they hope to replicate this model in other markets. The guarantee itself is for 3 years and is scaleable up to ZW$6M.
We hope tech startups and upstarts will be able to access the funds as well.
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