CRDB, Ilala launch 18bn/- loans
DAR ES SALAAM: JUST 20 per cent of the groups that applied for interest-free loans under a new empowerment scheme by CRDB Bank Foundation and Ilala Municipal Council have qualified, officials revealed during the programme’s official launch.
Out of 120 groups that submitted applications, only 25 met the requirements for accessing the loans. The funding worth a total of 18bn/- comes from Ilala Council’s 10 per cent allocation of its own-source revenue, in line with national directives to empower women, youth and people with disabilities.
The launch, presided over by Ilala District Commissioner Edward Mpogolo on behalf of Dar es Salaam Regional Commissioner Albert Chalamila, followed weeks of capacity building and financial literacy training for prospective beneficiaries.
ALSO READ: Dazzling destination for Tanzanian tourists
“This initiative is timely and transformative,” said Mr Mpogolo during the launch over the weekend, “We urge more groups to come forward.” The DC said Ilala’s revenues have grown from 61bn/- to 138bn/- in just four years, enabling to set aside more funding to uplift grassroots entrepreneurs.
CRDB Bank’s Communications Manager, Julius Mnganga (pictured), who represented the Foundation Managing Director Tully Ester Mwambapa, said the 25 qualifying groups had applied for a total of 735m/- .
“The majority of groups still need to meet key criteria such as proper registration, clear business plans and group governance. We’re committed to helping them get there,” Mr Mnganga said.
Of these, 13 youth groups requested 532m/-, eleven women’s groups sought 198m/-, while one group for people with disabilities applied for 5.0m/-.
He added that out of the 120 applicant groups, 75 were formed by women, 43 by youth and two by people with disabilities. The Foundation and municipal officials pledged to continue supporting the remaining groups to ensure broader access to the 18bn/- fund.
“This isn’t just about giving out loans it’s about building sustainable businesses and ensuring loan repayments so others can benefit too,” Mr Mnganga said.
