‘SIDO issued 281.5bn/- in loans to 156 small-scale entrepreneurs’

18Jul 2020
The Guardian
‘SIDO issued 281.5bn/- in loans to 156 small-scale entrepreneurs’

THE Small Industries Development Organization (SIDO) in Dodoma Region has in the 2019/2020 fiscal year issued a total of 281.5bn/- in loans to 156 small-scale entrepreneurs (SMEs) to support them to improve their businesses and investments

Addressing journalists here, regional loans officer Justine Kahemela said the funds also benefited eight small-scale industries which in-turn produced employment opportunities to young Tanzanians.

 “A number of SMEs working in the field of small-scale industries, agriculture and livestock keeping benefited from the loans and are now reaping big from their investments,” he said.

He called on other SMEs to utilize the opportunity and don’t hesitate to apply for the loans so as to improve their businesses.

According to him, SIDO can provide loans starting from 8m/- to 500m/- depending on the capacity of the project.

 “SIDO is also implementing a programme in collaboration with various stakeholders such as the Vocational Educational Training Authority (VETA), Azania Bank, National economic Empowerment Council (NEEC) and the National Social Security Fund (NSSF) to empower SMEs and capacitate with soft loans,” Kahemela said.

He further said: “The loans issued to the public show that they have expanded their projects and created more than 128 direct formal jobs, increased incomes, and eventually helped entrepreneurs to meet their daily basic necessities as well as paying for their children’s education and thus reducing the level of poverty.”

He urged the public to continue seeking for expertise services from the organization in the areas of technology, industries, business plan and development as well as market and financial investments.

For his part, SIDO regional business development officer, Crispin Kapinga said that Dodoma region has several business and investment opportunities waiting for well committed people to reap them.

Sempeho Manogni, manager for SIDO in Dodoma said that the organization will continue educating the public on the importance of using the organization’s services for their development.

The Small Industries Development Organization (SIDO) is a parastatal organization which was established by the Act of Parliament No. 28 of 1973. The organization is mandated to plan, coordinate, promote and offer every form of services to Small and Medium Enterprises (SMEs).

The responsibility of the organization includes facilitating entrepreneurship development and offering extension services, promotes technology development and industrialization, marketing, investment and financial services.

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