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CBZ group unveils $10m for SMEs

CBZ Holdings has availed a US$10 million credit facility for Small to Medium Enterprises (SMEs) in a bid to help boost the sector.

Speaking at the second edition of the CBZ International SME Indaba in Bulawayo last Thursday, acting group CEO Peter Zimunya said the financial institution, through its CBZ Bank subsidiary, identified several SMEs opportunities which the bank is keen to support.

“We will be unveiling an additional US$10 million credit line for our SMEs during the year 2018,” he said.

“Our teams of experts from our various business units will be readily available to share with you more details with regards to our approach to creating these partnerships, our strategic focus and the potential areas of collaboration.”

Zimunya said his organisation has already identified business opportunities in the manufacturing, mining, tourism, construction, Agriculture, Energy and Agro processing sectors.

“One approach we are using is the CBZ Value Chain Financing model,” he explained.

“Through this approach, we are leveraging our wide range of products strong relationships with large corporates and favourable ratings from the international financiers to help our SMEs customers in expanding and identifying new markets.”

The second edition of the Indaba brought together more than 500 local, regional and international business leaders and experts in the sector.

Zimunya said the Indaba “is very important is it provides a unique platform to create platform awareness of the challenges faced by the sector.

“As SMEs, they face a number of challenges related to financial constraints, lack of high calibre staff and skills, lower job security and less strategic thinking.”

The three-day event was officially opened by Abigail Shonhiwa, the permanent secretary in the ministry of industry, commerce and enterprise development.