700 apply for seed capital from CRDB Bank

The banks acting communication director Emmanuel Kiondo gave the update yesterday during his meeting with members of the press, a month since the initiative was launched.

“I would like to in inform you that since April 12 when the initiative was closed, a total of 709 applications were received of which 369 applied through Costech and 340 through ICT Commission. I also thank Prime Minister Kassim Majaliwa for launching the window for application by women and youths,” Kiondo said.

Since the iMBEJU programme was launched with the theme “Enabling capital for women and youths”, implemented by CRDB Bank Foundation, the window for application from innovators and small entrepreneur was opened for women and youths to apply for seed capital, professional skills and marketing.

Kiondo said receiving applications was first step which goes hand in hand with training, advisory services and enabling capital. The bank is partnering with Commission for Science and Technology (Costech) and ICT Commission.

“In the period of one month, youths were given opportunity for application. Applications were received from all regions as 70.6 percent were from male youths and 29 percent were from women. Costech selected 116 applications and ICT commission selected 80,” he elaborated.

Kiondo said applications on agriculture sector was leading with 31 percent followed by manufacturing by 14 percent, e-commerce by 18 percent and fintech applications accounted for 13 percent.

“For those who did not succeed, I advise them to continue keeping alerted because iMBEJU is sustainable programme, so they should for the new round of application. Being not selected for the next step gives them opportunity to open iMBEJU account which has a lot of benefits that will enable to proper manage their businesses including payment systems and business insurance and life insurance,” he said.

Costech’s director of technological innovation Dr Gerald Kafuku said lack of capital is among of the major challenge facing innovators to send their products into the market.

“Normally, Costech is providing grants to develop innovative ideas. For this stage implemented by iMBEJU, innovators will be ready to enter into the market and what they need is production capital. For a long time, innovators are not qualifying for loans because of lack of collaterals. I thank CRDB Bank for removing this obstacle,” Dr Kafuku said.

Jason Ndaguzi, who represented the national ICT commission director general said the programme has given them experiences when it comes into analyzing innovative ideas

“We have started to register projects by last year universities students. We want to have a database of areas of research and in case there is an opportunity for seed capital like iMBEJU, it will be easy to identify them,” he said.