KMC provides 2.5bn/- loans to 115 groups of entrepreneurs

THE Kinondoni Municipal Council (KMC) has provided more than 2.5bn/- as loans to 115 groups of entrepreneurs, to enable them to grow economically and improve their lives.

The loans that were extended to various groups including the elderly, people with disabilities, youths and women is allocation of 10 per cent of it’s domestic revenues collection.

KMC Administrative Secretary Ms Stella Msofe said while opening a one-day training seminar for those entrepreneurs that the provision of the funds was in accordance to the government directives that each council across the country must allocate such funds as interest free loans.

“Today, we are giving more than 2.5bn/ to 115 groups of entrepreneurs from Kinondoni Municipality with the aim of helping them to grow economically and improve their lives, so we ask each group to repay these loans so that others can benefit as well,” Ms Msofe said.

Ms Msofe has also asked all leaders from the department of Community Development to closely monitor the groups to do the projects as intended, so that they can make profit and repay the loans.

She added that, there has been a habit of various groups of entrepreneurs who take the loans and misuse the money and as a result they fail to settle their dues on time.

“The government provides loans for special reasons, so we ask you to go and use the money wisely and follow the laws and regulations that are required. Do not do otherwise,” said Ms Msofe.

The Head of the Division of Community Development Office Kinondoni Municipality, Mr Alex Ntiboneka said that this year, they have received applications from more than 260 groups but after conducting a detailed evaluation, they have picked 115 groups that have qualified to receive the loans from the government.

He also asked the entrepreneurs who were given the money to go and do business as they presented in their application forms.

On other hand, the Kinondoni Municipality Mayor Mr Songoro Mnyonge has insisted on good use of the loans provided. He said if well utilised the loans will help the beneficiaries to improve their lives and economically grow.

“We provide these funds with the aim of raising the economy and improving the lives of the people in our council, if you return the loan it will make it easier for others to benefit,” said Mr Songoro.

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