March 31, 2021
By Mohamed M. Sesay
The Fund Manager of the MUNFA Micro credit fund Komba Gborie has yesterday the 30th March, intimated A-Z news that the Small and Medium Enterprises Development Agency (SMEDA) in collaboration with the Finance Service Providers (FSPs), the Ministry of Trade and Industry, have on the 25th and 26th of March 2021, started disbursing the much talked about stimulus package to beneficiaries across the country.
The first phase is expected to serve four thousand one hundred (4,100) beneficiaries.
“The total amount for this pilot phase is twenty-six billion and fifty million leones across the sixteen districts. We are targeting at least four thousand one hundred (4100) beneficiaries for all the sixteen districts. The target is four thousand one hundred and it is an ongoing process and the first disbursement was done last week the 25th and the 26th of March 2021. I have to get back the data because it is not a one day process; it is not the same day we gave all the twenty-six billion leones. We have reached out in all the sixteen districts and it was done simultaneously. I went to Kenema and Kailahun and the CEO Mr. Sannoh was in Kono and Makeni, the Deputy Minister of Trade and Industry was in the western area, the Ministry was in southern province, Bo and Moyamba, so officials of SMEDA office were everywhere”, he disclosed.
Gborie further reaffirmed that the amount per beneficiaries ranges from the minimum of five million Leones (5,000,000) right up to ten million (le 10,000,000) Leones depending on the earning capacity of the beneficiaries. He added that the general criteria for the MUNFA Loan scheme is that one has to be a Sierra Leonean, within the ages of eighteen and sixty-five years, and must have to be a registered business.
Another criterion requires registered businesses to bring forth their business certificate to SMEDA so that SMEDA will register the individual and place him/her in the SMEDA Data base.
Gborie has restated the point that beneficiaries also need to have a business environment as indicated in the SMEDA manual which calls for a fixed abode. He however explained that a fixed abode does not necessarily mean a permanent structure but rather, a market place as long as Financial Service Providers can go there and verify your business.
He specifically noted that Financial Service Providers will also visit and evaluate a particular business entity in order to ascertain the capacity of some businesses. He said the financial capacity of some business entity normally range around one million to five million in order to further determine who deserves ten million Leones and who deserves five million Leones
He also warned beneficiaries to be very mindful of crooks that pretend to be SMEDA agent illegally extorting monies for SMEs with the view of registering them for the Munafa Fund. He added that some imposters are organizing group of SMEs asking them to give them money so that they can register them with SMEDA for the Fund. He reiterated that SMEDA has done press releases, radio discussions with the Micro Finance Institutions and SMEs to apprise them that MUNAFA in individual project.
He said SME own the process but SMEDA appraises their performance. He also reasserted that registration for the loan is free but only that, SMEs will have to repay the loan with an interest when they would have access to the loan.
He encouraged intended beneficiaries to go to SMEDA Offices with a business certificate for authentic registration and for possible placement into thea Data base other than going to imposters purporting to be SMEDA agents.
He continued that he cannot ascertain the quantum of money of the next phase of the Munafa Fund adding that a lot of factors determine the amount.
He reiterated that the total amount for the entire Munafa Loan scheme is one hundred billion Leones which will run for the period of three years depending on the revenue allocated to SMEDA from the central government there might be changes for the better.