Modi plans $100 000 revolving fund

BULAWAYO businessman, Mr Raj Modi, plans to set up a revolving fund with initial $100 000 seed capital to assist small businesses in Bulawayo South.

Addressing journalists in the city yesterday, the businessman said he would consider pouring in more funds if capacity permitted and depending on the response from the small businesses that were being targeted. He said while he was being accused of "vote buying" by some people, that would not stop him from assisting the people who helped his business grow.

"I believe in giving back to people behind my success. They supported me when Bellevue Spar was just a tuck-shop and right now I have this big complex and other businesses. All I can do is to plough back to this community of Bulawayo South and those that think 'I am vote buying' should know that my project will continue despite the outcome of the elections," said Mr Modi.

"So, this $100 000 fund is meant to help small businesspeople who also have the same dream that I had 37 years ago when I came to this city and started enterprising."

Recently, Mr Modi addressed more than 50 vendors who had come for a business ethics training at his Bellevue Business Complex who are part of the group to benefit from the fund. He 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 business or cushion an existing business, which is ailing," said Mr Modi.

He said his team was working on setting up a trust that would ensure 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.