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Enacy Mapakame: Business Reporter

BARCLAYS Bank of Zimbabwe has set aside a $20 million facility for women and youths as part of efforts to grow the small to medium enterprises sector. The facility also seeks to boost women-led businesses in the country with a bias towards agriculture.According to the United Nations, about 45 percent to 80 percent of the food produced in developed countries is produced by women while they also constitute the largest part of farm labourers. However, their efforts usually go to waste due to lack of funding and ready markets.

Speaking on the sidelines of a Barclays ladies forum in the capital yesterday, head of corporate affairs and customer services Emily Nemapare said women have for long been marginalised and lacked financial support to grow their business, despite having brilliant ideas.

The facility, she said, was also part of the banks’ support for the National Financial Inclusion Strategy that seeks to increase level of formal financial services in the country to 90 percent by 2020 from 69 percent. The financial inclusion strategy also seeks to improve the number of financially included small businesses to 80 percent by 2020.

“The facility is still new but already available and this speaks to financial inclusion as we decided to invest in women and youths,” she said.

Women drawn from different sectors of the economy who attended the forum concurred lack of funding was the biggest challenge for start-ups or efforts to growing into large corporations. However, Barclays banking director Valeta Mthimkhulu said banks had a mandate to make sound financial decisions when lending to different clients.

“One of the weaknesses in people when applying for loans is they hold on to a ‘no’ and never give themselves time to understand why their applications have been turned down.

“As banks, we will not lend simply because you are a woman but consider the business proposal you bring, if there are loopholes in the proposal then address them and come back,” she said adding cash flow statements would be crucial for loan approvals.

WEDB Financial Services managing director Mrs Edna Mukurazhizha said women ought to be realistic in their projects and where necessary seek guidance from professionals on drafting business plans and financial statements.