News / National
Modi sets up revolving fund
20 Jul 2018 at 07:35hrs | Views
BULAWAYO businessman, Mr Rajesh Modi, has set up a revolving fund to assist small businesses in Bulawayo South.
He revealed this in an interview after addressing more than 50 vendors who had come for a business ethics training at his Bellevue Business Complex.
Mr Modi said he had realised that Bulawayo South had many business-oriented people who lacked funding to kick start their dreams.
"People in Bulawayo generally are hardworking but many lack the funds to start small business initiatives. We are focusing on Bulawayo South and want to offer them a lifeline in which they can access funding and set up a small businesses or cushion an existing business which is ailing," said Mr Modi.
He said his team was currently working on setting up a trust which would ensure that beneficiaries of the fund would access money via the trust so as to ensure transparency and accountability.
According to Mr Modi, the Trust Fund would be set up soon with loans expected to be rolled out to people who will repay them over six months.
"We will give small loans that small enterprises will be able to repay in six months. We are currently sorting out the legalities and once the trust is registered, the fund will start working," he said.
Mr Modi said the initiative was non-partisan and would be accessible to every resident of Bulawayo South despite their political orientation.
"This is a project for the people of Bulawayo South and it does not matter what political party one is affiliated with, as long as they are running a small business or are on an entrepreneurship programme, they are welcome to come to our offices and we help them in accessing funding," he said.
Mr Modi said youths and women were encouraged to apply as they were the key target of the fund.
"This fund is meant to mainly empower the youth and women and they are most welcome to take up this opportunity and establish their small businesses from which they can earn a living," said Mr Modi who is the Zanu-PF Bulawayo South House of Assembly candidate.
He revealed this in an interview after addressing more than 50 vendors who had come for a business ethics training at his Bellevue Business Complex.
Mr Modi said he had realised that Bulawayo South had many business-oriented people who lacked funding to kick start their dreams.
"People in Bulawayo generally are hardworking but many lack the funds to start small business initiatives. We are focusing on Bulawayo South and want to offer them a lifeline in which they can access funding and set up a small businesses or cushion an existing business which is ailing," said Mr Modi.
He said his team was currently working on setting up a trust which would ensure that beneficiaries of the fund would access money via the trust so as to ensure transparency and accountability.
According to Mr Modi, the Trust Fund would be set up soon with loans expected to be rolled out to people who will repay them over six months.
"We will give small loans that small enterprises will be able to repay in six months. We are currently sorting out the legalities and once the trust is registered, the fund will start working," he said.
Mr Modi said the initiative was non-partisan and would be accessible to every resident of Bulawayo South despite their political orientation.
"This is a project for the people of Bulawayo South and it does not matter what political party one is affiliated with, as long as they are running a small business or are on an entrepreneurship programme, they are welcome to come to our offices and we help them in accessing funding," he said.
Mr Modi said youths and women were encouraged to apply as they were the key target of the fund.
"This fund is meant to mainly empower the youth and women and they are most welcome to take up this opportunity and establish their small businesses from which they can earn a living," said Mr Modi who is the Zanu-PF Bulawayo South House of Assembly candidate.
Source - chroncile
