Seddon Finance, a micro finance firm, has introduced a membership scheme called Ziminvestors which gives US$50 loans that are re-payable after three weeks with minimum interest rates. After repaying the initial loan (as well as a US$10 membership fee), the person then qualifies for the next stage of borrowing which is US$75, payable as US$90 after three weeks.
In the third stage one borrows US$100 and bays back after three weeks – US$115, whereas in the fourth stage one borrows US$140 and repays after three weeks US$160.
For the fifth stage one borrows US$200 and repays it as US$224 after three weeks, and in the sixth stage, one borrows US$300 and repays it as US$336.
They are 20 stages of borrowing and all of them have to be followed step by step.
Ziminvestors executive director, Harold Francis, said his firm introduced the scheme as a backup measure to the fast growing parallel market of Zimbabwe.
“We saw fit to introduce this facility to assist our small scale traders like vendors who have no collateral to access bigger amounts, but have operational business ventures in the retail sector.
“Also, the facility operates as a membership scheme that also offers services like training workshops for its members such as business plan writing, budgeting, business networks and other products,” said Francis who urged all small scale traders to come and join, especially those in flea markets, vendors and other low income earners.
“As as incentive, we give members 10 points when they introduce a friend to the facility. These points translate to US$2 which is collectable when the friend registers.”
Ziminvestors is also running a networking website whose main thrust is to link prospective entrepreneurs with their possible investors and vice versa.
The network operates within a website – www.ziminvestors.co.zw and upon registration as a member one gets access to a list of investors who want to fund projects in Zimbabwe and a list of entrepreneurs who want partnership and or funding for their projects.
Post published in: Business