A South Africa-based Zimbabwean owned microfinance company Allied Capital Group (Africa) has opened its doors to local small and medium enterprises who want to grow their businesses in the country and globally.
Access to finance is a key restraint to SME growth, especially in emerging markets and developing countries.
According to the World Bank, SMEs play a major role in most economies, particularly in developing countries.
SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development.
They represent about 90% of businesses and more than 50% of employment worldwide and locally, SMEs contribute up to 40% of the GDP.
“We are coming to Zimbabwe and opening doors to SMEs that want to grow their business,” said Allied Capital Group (Africa) in a statement.
“We want to see SMEs grow and we believe they are the mainstay of the economy.
“As Allied Capital Group (Africa), we are targeting SMEs in Zimbabwe and globally, although priority would be given to Zimbabwean companies.”
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Allied Capital Group (Africa) said apart from offering loans to SMEs, the financial institution was also extending this facility to big corporates.
“We also have a facility targeted at big companies that need capital injection or those that might need to buy new machinery and equipment,” reads the statement.
The financial services company said it would soon open offices in Harare and in the meantime, they can be reached out through social media platforms and website.
