Dodoma SMEs counselled on financial discipline
DODOMA: Small and Medium Entrepreneurs (SMEs) in Dodoma have been urged to uphold financial discipline and avoid exploitative informal loans, with TIB Development Bank pledging continued support through financial literacy and access to credit.
Speaking at a special workshop jointly organised by TIB and the Small Industries Development Organisation (SIDO), Assistant Regional Administrative Secretary, Ms. Mwajabu Nyamkomora, cautioned that many entrepreneurs mismanage loans by diverting them to family expenses instead of investing in their businesses.
“Borrowed money must be repaid with interest. Misusing it puts you at risk. Financial discipline is key,” she cautioned.
She urged entrepreneurs to use loans productively to protect their capital, emphasizing that sound financial management improves livelihoods.
The workshop, organised by TIB Development Bank in collaboration with the Small Industries Development Organisation (SIDO) Dodoma, focused on strengthening SMEs’ access to financial services.
“This initiative will empower you with financial literacy, improve access to credit and enhance your ability to establish and grow businesses. In turn, you will not only improve your living standards but also contribute to national revenue through job creation and economic growth,” Ms Mwajabu added.
ALSO READ: COSTECH invests 40bn/- in scientific research
TIB Development Bank’s Chief Officer, Mr James Manyama, said the partnership with SIDO provides SMEs with financial education, loan guidance, and strategies for sustainable growth.
“The main goal is to help entrepreneurs grow their capital, expand their ventures and contribute to economic growth across sectors. We are here in Dodoma to share our products and explore ways to finance SMEs’ projects,” he said.
Acting SIDO Manager in Dodoma, Mr Crispin Kapinga, said the workshop aimed to connect SMEs with financial institutions like TIB for access to larger loans needed for expansion.
“Our SIDO funds are limited and cannot fully address the current business environment. That is why we saw the need to bring SMEs together with TIB so they can access bigger loans to achieve their goals, especially as Dodoma continues to grow rapidly,” he said.
He noted that SIDO’s primary role is to nurture entrepreneurs, and once they meet the required standards, they are linked with other financial institutions for greater support.
