Tanzanian youth groups are to receive loans in form of working tools to boost their small and medium business initiatives and funding for the first batch is to be released by the end of the year. Making the announcement over the weekend in Arusha, the Founder & Managing Director of Tanzania SME Growth Centre (TSGC), Mr. Victor Tesha, said it is easier for the youth to be empowered when they are in groups rather than when operating individually.
Mr. Tesha further said that TSGC is determined to empower Tanzanian youth. A number of youth groups are expected to benefit from this new loan scheme, the first batch is to get their loans by December 2014. "The loan facility will be provided in terms of working tools rather than giving them cash" explained Mr. Tesha.
Loans will be provided to groups specialising in various projects. Mr. Tesha reiterated that for those without proper business skills, they will be required to organise themselves in groups of ten that have similar objectives and they will be assisted to develop their business ideas.
"The main aim of the project is to contribute in strengthening the Tanzanian economy by creating producers of goods as opposed to the buying and selling trend, which does not provide enough revenue and employment to the youth, who form 60% of the population", reiterated Mr. Tesha.
An Arusha based youth, whose group is a beneficiary of the loan scheme, Elly Barton, said the initiative is important to their business operations as it increases their working capital through access to inputs.
He commended TSCG for the initiative and urged other youth in the region to also take the step and form work groups through which they can access the loans.
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