By CHILA NAMAIKO –

ZANACO has urged Small and Medium Entrepreneurs (SMEs) to take advantage of its favourable financial schemes to tap capital for expansion of businesses.
Zanaco Choma branch manager Obert Siachifuwe said the bank was concerned with challenges of finance among SMEs who play a key role in fostering national economic growth.
Mr Siachifuwe said the bank has since come up with another empowerment scheme called the small business Double Beula Promotion.
Through the promotion, one could deposit a minimum of K5, 000 and maximum of K50, 000 in already existing SME account or opening a new small business account with Zanaco to get a loan of double the amount of saving to be repaid in 12 months.
“In delivering finance and providing advice and technical assistance, the bank has designed this promotion that responds to the specific needs, opportunities and challenges to the SMEs sector,” he said.
He was speaking in Choma on Thursday at a workshop attended by more than 20 SMEs who included Zanaco clients and other account holders with different banks.
The one-day workshop was designed to educate SMEs on Double Beula Promotion which kicked off from October 22, 2015 up to April 22, 2016.
Mr Siachifuwe said the promotion would encourage a culture of saving in Zambia which was a driver of economic prosperity for the nation.
He said the promotion was premised on SMEs that do not have collateral to obtain credit facilities in expanding their businesses.
He said the dynamics of wealth and job creation in Zambia were increasingly driven by private sector hence the need to empower SMEs.
“Therefore, working directly and indirectly with Government, Zanaco will continue to be an increasingly active partner and facilitator for private investment in Zambia,” he said.