-the municipality to bridge the knowledge and skills gap in the subsector.
The training would help to equip participating SMEs with the right technical know-how to enable them to effectively manage their operations and understand the macro-economy within which they conduct their affairs.
Speaking at the training which brought together more than 400 SMEs from the municipality, Dar es Salaam City Council Youth Development Officer Sapiencia Masaga, apart from commending the bank for the efforts, said the training would significantly help the SMEs to make better use of the loans they expect to receive from the municipal council.
"Despite the great efforts made by our municipal councils to provide loans to various groups of SMEs we still do not get good results because most of the beneficiaries have been failing to make good use of their loans and as a result they fail to achieve their goals and more often default on making the arranged repayments. We thank NBC for this training aimed at overcoming the challenge, '' she said.
For his part, NBC Bank Business Development Manager Isdory Sebastian said the bank has partnered with Ilala Municipal Council in providing training to the SMEs in order to help them to have a better understanding of financial management so that they can run their business professionally to avoid losses that could hamper the prosperity of their business.
“As an SME-friendly bank, we understand that starting and running a business in Dar es Salaam is no small feat, and there are lots of challenges that SMEs face. We have conducted the training to equip them with relevant and practical knowledge to guide them in their business's effective running and surmount any challenge they encounter…We are very grateful to Ilala Municipal Council for giving us this opportunity,'’ he said.
Speaking at the training, entrepreneurs Iddy Kaziulaya and Bahati Angetile said the training would go a long way in building their business capacity as many of them have been failing to properly grow to the intended objectives of the loans due to lack of adequate education in business operations.
“The biggest challenge I see is that most of us receive these loans even before submitting our business ideas as a result when we get the money, we spend them on other plans before the implementation of the project. We are grateful that through this training many of us will be helped to understand how to overcome a number of challenges, '' said Kaziulaya.