Bulawayo youths are set to benefit from a $50 000 loan facility which will help them start and expand their business operations.

The much needed loan facility availed by Empower Bank comes at the right opportunity when young people are bracing for the commercialisation of their inventions from incubation hubs at the country’s institutions of higher learning.

Officially opening the Empower Bank Bulawayo branch, Board Chairman Mr Raymond Njanike said they have availed a $50 000 loan facility which young people can access without collateral.

 “We are availing $50 000 to youths in Bulawayo without collateral. The bank is actively participating in addressing the challenges of financial inclusion in the country in order to bring the previously unbanked and unrecorded micro-enterprises into the mainstream economy.

“To date the bank has disbursed above $1,2 million loans and the loan booked is largely skewed to agriculture given that our country is an agro-based economy,” said Mr Njanike.

The Deputy Minister of Youth, Sport, Arts and Recreation, Mrs Yeukai Simbanegavi challenged young people to put the loan into good use and repay the money advanced to them. 

 “I urge you to access funding for your projects and prosper. Make it a point that you pay back your loans. Save funds with the bank and exploit good interest rates offered by their savings account product.

“The bank will continue to have a pool of funds from which to lend to other people or businesses who also need economic empowerment. This will help grow the economy and create employment opportunities for Zimbabweans,” said Mrs Simbanegavi.

“Siyathaba njengabantu abatsha ukuthola imali le ngakho sesizabuyela emalokishini siyetshela amanye amayouth ukuba kababuye bezoapplyer. Ngithanda ukukhumbuza amayouth ukuba imali leyo aso yokulobola ngeyokuthuthukisa amabhizimusi. (We are grateful for this opportunity, we will go back to our communities and tell the other youths to come and apply. I also want to remind the youth that this loan is not for paying lobola but for business development),” said one of the youths.

Empower Bank was officially launched by President Emmerson Mnangagwa last-year and is aimed at capacitating young entrepreneurs with loans to start and expand their business operations.