ZANZIBAR: ENTREPRENEURS in Pemba have been urged to utilise loans responsibly by investing in their intended business ventures to ensure financial growth and sustainability.
During a training session for entrepreneurs who had applied for Zanzibar Economic Empowerment Authority (ZEEA) loans, Khamis Juma Khamis, the Credit and Loan Officer at Tanzania Commercial Bank (TCB), insisted on the importance of borrowing based on actual business needs.
Mr Khamis warned that misusing loans for unrelated expenses could lead to repayment challenges and hinder economic progress. He further highlighted the significant efforts made by the Revolutionary Government of Zanzibar, under President Dr Hussein Ali Mwinyi, to support small-scale entrepreneurs by providing access to capital.
“These funds are designed to boost business and improve livelihoods. Through strategic partnerships with banks, the government ensures that entrepreneurs receive the financial support they need to expand their businesses,” he stated during the training in Pemba.
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Ms Fatma Ali Salim, the Training and Empowerment Projects Officer from ZEEA Pemba, reaffirmed the authority’s commitment to empowering citizens. She noted that ZEEA, established under Law No. 2/2022, plays a critical role in equipping entrepreneurs with the skills and resources necessary for success.
“ZEEA is dedicated to building the capacity of entrepreneurs, ensuring they acquire the knowledge and opportunities to grow. In addition to funding, we assist them in securing markets for their products through exhibitions and trade fairs,” she explained.
During the session, Ms Raya Mohamed Abdalla, Head of the Human Resources, Administration and Planning Division at ZEEA Pemba, emphasised the importance of market access. She pointed out that both local and regional markets offer valuable opportunities for entrepreneurs to showcase and sell their products.
The acting Head of the Loans and Capital Division at ZEEA Pemba, Mr Haji Khamis Haji, stressed the importance of proper financial record-keeping. He described it as an essential tool for tracking business growth and ensuring long-term success.
Entrepreneurs who attended the training expressed their gratitude for the initiative, noting that access to proper financial education and business management skills will help them grow their enterprises and enhance their economic wellbeing.
