Dodoma SMEs counselled on financial discipline

DODOMA: SMALL and Medium Entrepreneurs (SMEs) in Dodoma have been urged to maintain strict financial discipline to avoid exploitative informal loans.

At a workshop on accessing loans from TIB Development Bank, Assistant Regional Administrative Secretary Ms Mwajabu Nyamkomora warned that many entrepreneurs misuse loans for family expenses instead of reinvesting.

“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.

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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.

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.