DCB allocates 15bn/- affordable loans to boost SMEs

DAR ES SALAAM: DCB Bank has earmarked 15bn/- this year to provide loans to small-scale entrepreneurs, with a particular focus on women, youth and people with disabilities, to help drive business growth.

The Director of the Audit Department at DCB Bank, Mr Emmanuel Barenga, stated that small-scale entrepreneurs have faced numerous economic challenges, despite being a crucial segment of the country’s economy.

“These groups have long been underprivileged. Therefore, as a commercial bank, we found it essential to prioritise them by offering affordable loans. “Our goal is to empower entrepreneurs to achieve their objectives by providing these loans, in recognition of the challenges they have faced in their businesses,” Mr Barenga said yesterday during the chair handover ceremony to the Kinondoni Municipality.

The bank donated 60 chairs and one table to support the staff in the municipality’s 10 per cent loan programme unit.

Mr Barenga noted that the bank, which is owned by Dar es Salaam municipal councils with over 45 per cent ownership, had already disbursed approximately 5bn/- in affordable loans to these groups by the end of last year.

ALSO READ: NIC, Equity Bank partner to boost agricultural insurance and digital loans

Receiving the chairs, the Mayor of Kinondoni Municipality, Mr Songoro Mnyonge, expressed gratitude, stating that the donation would improve the unit’s working conditions, which had previously been challenging.

“One of the main challenges faced by the staff is the lack of a proper working environment, particularly a space to meet with entrepreneurs,” Mr Mnyonge said.

“With this donation, the unit’s performance will improve as staff will now have a proper setting to engage with entrepreneurs.”

He also highlighted that the bank had been collaborating with Dar es Salaam municipalities through its Corporate Social Responsibility (CSR) programme, channeling dividends to support municipal activities.

By the end of last year, the bank had distributed over 4.2bn/- as dividends to various Dar es Salaam municipalities.

Additionally, Mr Seif Jumanne, Chairperson of the Kinondoni Municipality’s supported groups union, remarked that the donation would enhance operational efficiency, enabling entrepreneurs to meet and discuss their issues more effectively.