President Masisi announces revised CEDA loans
16 Jul 2020
The President, Dr Mokgweetsi Masisi, has announced that the Citizen Entrepreneurial Development Agency (CEDA) will now fund small scale businesses with a maximum of P1 million.
Speaking at launch of revised CEDA national guidelines in Tlokweng today, President Masisi said interest rate in special identified sectors had been lowered by three per cent from the current prime lending rate of 5.75 to make it 2.75 per cent and the repayment period was increased from five to seven years.
For medium businesses, he said the loans would be at a maximum of P10 million and the interest rate for special sectors was reduced by1.5 from the prime lending rate of 5.75 per cent to 4.25 per cent and the repayment period increased from a maximum of 15 years to 20.
For large businesses, loans of up to P50 million would no longer require collateral as before, instead security will be provided through personal sureties and security based on the value of assets funded by CEDA. The lending rate will be same as medium businesses while repayment period would be up to 20 years
Identified key sectors are; creative industry, mining, agro processing , technology and innovation, manufacturing, energy, agriculture, tourism, construction and energy. ends
Source : DailyNews online
Author : DailyNews online
Location : Gaborone
Event : CEDA guidelines launch
Date : 16 Jul 2020
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