Salone Establishes Small and Medium Enterprise Development Association

President Koroma launched the Small and Medium Enterprise (SME) Development Association last Thursday at the Miatta Conference Hall in Freetown to promote SMEs development in the country.

In his address, President Koroma said the aim is to provide credit facilities to micro, small and medium enterprises at single digit interest rate and with no demand for collateral. High interest rates and demand for collateral have kept many small businesses run especially by women from accessing finance to grow their business, he said.

The UK Department For International Development (DFID) has provided a £5m budget to support 29,400 petty traders affected by Ebola through a micro credit scheme. The Ministry of Trade and Industry is compiling the list.
Micro credit has been a useful method to empower women economically after the 11-year war that ended in 2002. There are several examples that show how women have grown businesses from a few thousands to millions of Leones. It comes as no surprise for some that government and NGOs are using it as part of the post ebola strategy to develop SMEs.
Monday March 21, 2016