Tuesday, September 26, 2023
  • About
  • Advertise
  • Privacy Policy
  • Cookie Policy
  • Contact
  • Subscribe
  • E-edition
  • Login
  • Register
  • Home
  • News
  • Economy
  • Columns
  • Companies & Markets
  • In Business With
  • Lifestyle
    • Motoring
  • Sports
    Tumisang Orebonye: Overcoming Against Adversity to Reach for the Stars

    ‘Winning The CAF Super Cup Is A Dream Come True’ – Orebonye

    BAA Needs Over P3m For World Champs

    Botswana’s Sporting Future in Jeopardy: School Sports Suspension Threatens Athletic Excellence

    No House For Tebogo Despite Astral Performance in Budapest

    “No Pressure for Tebogo at Diamond League Finals”

    BOKA Aims to Host Two Prestigious International Karate Competitions

    BOKA Aims to Host Two Prestigious International Karate Competitions

    FM Botswana 2022 conference: transformation towards a greener FM 

    StanChart CEO Underscores Role of UB Marathon in Boosting Botswana’s Sports Tourism

    No House For Tebogo Despite Astral Performance in Budapest

    No House For Tebogo Despite Astral Performance in Budapest

    Trending Tags

    • Subscribe
    No Result
    View All Result
    • Home
    • News
    • Economy
    • Columns
    • Companies & Markets
    • In Business With
    • Lifestyle
      • Motoring
    • Sports
      Tumisang Orebonye: Overcoming Against Adversity to Reach for the Stars

      ‘Winning The CAF Super Cup Is A Dream Come True’ – Orebonye

      BAA Needs Over P3m For World Champs

      Botswana’s Sporting Future in Jeopardy: School Sports Suspension Threatens Athletic Excellence

      No House For Tebogo Despite Astral Performance in Budapest

      “No Pressure for Tebogo at Diamond League Finals”

      BOKA Aims to Host Two Prestigious International Karate Competitions

      BOKA Aims to Host Two Prestigious International Karate Competitions

      FM Botswana 2022 conference: transformation towards a greener FM 

      StanChart CEO Underscores Role of UB Marathon in Boosting Botswana’s Sports Tourism

      No House For Tebogo Despite Astral Performance in Budapest

      No House For Tebogo Despite Astral Performance in Budapest

      Trending Tags

      • Subscribe
      No Result
      View All Result
      The Business Weekly & Review
      No Result
      View All Result
      Home News

      CEDA approves P709m to finance local businesses

      • Large funding is first-ever for CEDA • 18,607 funding applications valued at P5.3 billion received • P450m already disbursed • Aims is to keep businesses afloat during COVID -19

      mm by Staff Writer
      October 5, 2021
      in News
      Reading Time: 2 mins read
      0
      CEDA approves P709m to finance local businesses
      Share on FacebookShare on Twitter

      For the first time since its establishment, the Citizen Entrepreneurial Development Agency (CEDA) has approved funding in the amount of P709 million in less than one year in order to ensure continued business activity during the COVID -19 pandemic.

      CEDA has never ever approved such an amount for funding that is just a quarter short of P1billion, especially in a period of less than a year. The agency usually approves funding of around P400 million per year.

      The approved P709 million was targeted mainly at four economic sectors, namely, agribusiness, manufacturing, property and services.

      Under agribusiness, CEDA has approved P139 million to be disbursed among mainline agribusinesses. A part of it will be used to offer trade finance to agribusiness enterprises, another part will finance agribusinesses under Mabogo Dinku and Letlhabile, while some of the funds will be disbursed under COVID-19 financing. So far P130.5 million has already been disbursed to several enterprises in the agribusiness sector.

      Under manufacturing, P180 million was approved to be disbursed among mainline manufacturing operations for use as trade finance and to finance manufacturing projects under Letlhabile, Mabogo Dinku, the Industry’s Support Facility (ISF)and COVID-19 financing. P90 million has so far been allocated to several businesses.

      P64 million has been approved to finance the property sector. It is to be spread among mainline property businesses for use as trade finance, as well as the Industry Support Facility (ISF). P63 million of this has already been distributed.

      The services industry was given a large chunk of the approved funds at P326 million. The money was spreading among mainline businesses, trade finance, Mabogo Dinku, Letlhabile, the Industry Support Facility, as well as COVID-19 financing.

      P166.5 million of that has been allocated already. According to the Chief Executive Officer (CEO) of CEDA, Thabo Thamane, CEDA grew its funding because at the outbreak of the COVID-19 pandemic in March 2020. It compelled CEDA to devise initiatives to support the SMME sector and other businesses during this difficult period.

      Thamane said the agency started by offering repayment holidays to 1550 funded businesses and suspending all litigation. “The Agency introduced the CEDA COVID-19 Emergency Fund in March 2020 to assist businesses with bridging finance during the pandemic,” he explained.

      “It later introduced Letlhabile in May 2020 in an effort to support micro entrepreneurs to get back into business after the first nationwide lockdown. Together with other government agencies, CEDA administered the Industry Support Facility starting Q3 of 2020/2021.”

      Thamane disclosed that in the year ended March 2021, CEDA received 18,607 applications valued at P5.3 billion. “They comprised 8,971 approved applications valued at P709 million,” he said. It is a first for CEDA to approve funding valued at P709 million.

      “The high performance is due to revision of the CEDA guidelines and introduction of new products that were made to curb the effects of the COVID-19 pandemic, presenting extra ordinary factors.”

      Navigation

      • Home
      • News
      • Economy
      • Columns
      • Companies & Markets
      • In Business With
      • Lifestyle
        • Motoring
      • Sports
      • Subscribe

      Recent News

      • September 22nd Edition
      • Court Grants CAAB Right to Attach Defaulting Tenants’ Property
      • Judiciary Clash Over Debswana-Infotrac Case
      • Gambling Authority Braces For Record Attendance at IAGR Conference
      • KGK Diamonds Commended for Citizen Empowerment

      Site

      • About
      • Advertise
      • Privacy Policy
      • Cookie Policy
      • Contact
      • Subscribe
      • E-edition

      © 2021 The Business Weekly & Review. All Rights Reserved.

      No Result
      View All Result
      • Home
      • News
      • Economy
      • Columns
      • Companies & Markets
      • In Business With
      • Lifestyle
        • Motoring
      • Sports
      • Subscribe

      © 2021 The Business Weekly & Review. All Rights Reserved.

      Welcome Back!

      Login to your account below

      Forgotten Password? Sign Up

      Create New Account!

      Fill the forms below to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
      Are you sure want to unlock this post?
      Unlock left : 0
      Are you sure want to cancel subscription?