02 Sep 2024

Maun CEDA branch has so far approved 1 777 worth over P22 million, out the 2 260 applications for Chema Chema.

In an interview, Maun CEDA branch manager, Mr Edward Magosi said they had also closed 53 applications worth over P1 million because they did not qualify for the programme.

“As of August 28, we are processing 440 applications we received within the last five days, worth over P10 million. Currently on weekly basis, we have experienced an increase in our inflow, on average we receive close to 100 applications in a day,” Mr Magosi said.

He also indicated that there currently had been high turnout because when the programme started, people were hesitant to apply.

“Now they are showing a lot of interest to utilise the programme,” he said.

However, he said they were experiencing some challenges as they continued to receive applications from people whose proposed projects did not meet the programme requirements and guidelines.

He added that for closed businesses, they made between P250 000 and P300 000 per annum but the owners were advised to try other programmes to access finances.

He further regretted that they also experienced double applications, but were able to detect such irregularity and rejected them.

“People are only allowed to re-apply after servicing the loan,” he said.

He indicated that dominating sectors in applications included retails, agro-businesses and manufacturing, among others.

Launched recently, Chema Chema Fund was designed to enable financial inclusion and aid growth in the informal sector businesses through provision of short term loans. Owing to the mandate to facilitate, train and mentor those aspiring to apply for loans from CEDA, Maun Local Enterprise Authority (LEA) branch had currently registered over 8 000 applications, most of which were women at almost 70 per cent. This was announced during a flea market organised by LEA over the weekend at Mall of Maun. 

LEA business consultant, Ms Constance Phokoje said the event, which attracted Chema Chema Fund beneficiaries and those who were still awaiting funding, aimed to encourage low entry barrier to the market as well as increase sales potential for the businesses.

Different sectors in clothing, decoration, basketry, poultry, carpentry and ice making among others attended the event. 

She appreciated the community for their interest in the programme, owing to the high number of registrations.

“It seems the import ban on some agricultural products has also motivated many to apply for funding to increase production,” she said. Meanwhile, Ms Phokoje said LEA was committed to the growth and sustainable of SMMEs in the country and also thrived to achieve its mandate through business development interventions and stakeholder collaboration.

Among the interventions, she said was to facilitate market access, which was offered by linking SMMEs with potential buyers. Ends