BY PHESHEYA IAN KUNENE
MBABANE – Over 412 people have already benefited from the E18 million Taiwan in Eswatini Revolving fund that was unveiled nine months ago.
The Taiwanese Embassy has already forked out a total amount of E7.6 million to assist local entrepreneurs kick start their businesses across the country. The revolving fund was launched in March to provide the much-needed capital to support local entrepreneurs’ start up their businesses. commercially viable agribusiness ventures. The revolving fund is meant to empower youths and other entrepreneurs who are eager to be game changers in the business world.
While speaking during an interview, the revolving fund’s Secretary Mthetheleli Dlamini revealed that they had already assisted over 412 entrepreneurs ever since the fund was launched with a sum of E7.6 million being distributed to these business people.
“People are showing great interest in our fund which shows that many people are eager to start their businesses. What we have also noted is that the number of people showing interested is dominated by the youth. Those who are already running their businesses are paying back the money quick and are expanding their businesses,” Dlamini noted.
Dlamini thanked the Embassy for launching the revolving fund as he said it was the missing link between ambitious young people and their dream businesses. He added that the fund was crucial for the country’s economic growth and job creation. He said most of the businesses that were being opened were poultry farming and clothing lines.
One of the beneficiaries, Nkhosingiphile Bhembe, who together with his brother started a poultry farming business in Zombodze praised the initiative saying the project would empower the youths to lead the change in transforming the business world. Bhembe said they were given E25 000 to start their business.
“We were able to buy all the equipment we needed to run the business. What I like about this revolving fund is their quickness in assisting us and their less complicated requirements. The funding helped us a lot,” he said.
In addition, Bhembe said this initiative was a vital milestone in creating an inclusive financing system that supported the ambitions of young entrepreneurs across the country.
Another young entrepreneur who benefitted is Sihle Jane Mthembu who started her own wedding and outdoor event decoration business with her first loan from the Revolving Fund. Mthembu impressively paid off in just four months. With her second loan from the Fund, she expanded her business by purchasing a vehicle and is taking on even more projects.