smes budget 3.jpgGovernment has availed US$1 million to the Small Enterprise Development Corporation (SEDCO) for on-lending to small and medium enterprises (SMEs) in the country.

The funds are aimed at providing working capital for new SMEs as well as sustaining operations of existing enterprises.

In a statement, SEDCO Acting General Manager, Mr Stansilus Makusha said the fund is in addition to US$500 000 which was recently disbursed to 350 SMEs, creating 137 new jobs and sustaining 430 others.

Mr Makusha said emerging business people intending to access the loans should contact their nearest SEDCO offices, highlighting that beneficiaries should service their loans within the agreed loan repayment period in order to allow other SMEs to benefit from the revolving loan facility.

SEDCO is mandated to administer funds for the development of small scale enterprise on behalf of the government.

In the 2011 national budget, the government availed US$3,35 million for SMEs and set aside US$5 million in its mid-term review.