Source: Cross-Border Empowerment Fund breathes life into small traders – herald
Raymond Jaravaza
Zimpapers Writer
A YEAR ago, Mrs Gertrude Ncube was on the brink of losing everything. Her small retail business, the sole source of income for her family, was struggling to survive under the weight of rising costs and dwindling capital.
With no collateral, banks and micro-finance institutions shut their doors, leaving her with few options and mounting despair.
Relief came through the Cross-Border Empowerment Fund, a US$200 000 revolving facility designed to provide long-term economic and social support to cross-border traders who have traditionally been excluded from mainstream financial systems.
Launched last year under the CrossBorders4ED initiative, the fund has since been rolled out from the Midlands Province to other parts of the country, marking a major milestone in grassroots economic empowerment and entrepreneurship.
“I received a US$2 500 loan from CrossBorders4ED at a time when my grocery business was about to collapse,” said Mrs Ncube.
“To be honest, the loan was a lifeline. I used the money to buy groceries in bulk and, little by little, the business picked up. I managed to repay the loan in full and today I am happy to see other people also benefiting from the same facility.”
Mrs Ncube was among scores of beneficiaries who gathered at a local hotel at the weekend to witness the disbursement of new loans, some running up to US$10 000, under the revolving fund, which was made possible by repayments from earlier beneficiaries.
The CrossBorders4ED revolving fund is in tandem with President Mnangagwa’s broader economic emancipation agenda, which seeks to empower ordinary citizens, promote entrepreneurship and ensure inclusive development under the mantra of “leaving no one and no place behind”.
The initiative is a reflection of other empowerment programmes such as the Presidential Youth Fund and the Presidential War Veterans Fund, all aimed at unlocking economic opportunities for previously marginalised groups.
Unveiling the fund, Special Presidential Investment Adviser Dr Paul Tungwarara said the facility was designed to provide cross-border traders with much-needed financial leverage to expand their businesses and improve livelihoods.
“As we launch the US$200 000 CrossBorders4ED revolving fund, I urge ZIMRA to work hand in glove with cross-border traders,” said Dr Tungwarara.
He emphasised that supporting small traders was key to strengthening the informal sector, which plays a significant role in job creation and economic growth.
CrossBorders4ED Bulawayo Province chairperson Mr Pride Mapurisa said strict loan repayment was critical to the sustainability of the fund.
“This is a revolving fund that must benefit all our members. As the Bulawayo provincial chairperson, I will ensure that every cent borrowed is repaid,” he said.
“Dr Tungwarara established this fund to support President Mnangagwa’s vision, and we will make sure that all members benefit and grow their businesses.”
Zanu PF Bulawayo provincial chairperson Cde Jabulani Sibanda said he was encouraged by the impact of the fund after touring businesses operated by beneficiaries at a local mall.
“We visited vending bays run by CrossBorders4ED members who benefited from the first batch of the fund, and we can see that they are running successful businesses,” he said.
However, Cde Sibanda urged beneficiaries to move beyond buying and selling, into value addition and manufacturing.
“My appeal is for traders not to rely solely on trading, but to venture into manufacturing so that we grow the economy and create employment for the youth,” he said.
Cde Sibanda said the fund was clearly transforming lives and urged beneficiaries to use the money responsibly.
“When you receive this money, use it wisely and repay it so that others can also benefit from this revolving empowerment fund,” he said.
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