The Citizens Economic Empowerment Commission (CEEC) has disclosed that it has disbursed over K840 Million towards various business loans in the country and made a 71 percent recovery of its loans, as of 31 January 2024.
Speaking during a loan recovery session in Nyimba District of Eastern Province, CEEC Public Relations and Communications Manager, Michelo Mukata, said the loans have been disbursed to 82,327 beneficiaries countrywide.
“So as CEEC, we have disbursed over 82,000 business loans to citizens, companies, and cooperatives, and this amount is over K844 million. It is across the various loan products such as the marketeer booster loans, Busulu loan under microfinance, project finance as well as seed finance,” he said.
Mr Mukata also disclosed that in Eastern Province, the Commission has been able to empower more than 3,000 business entities.
“Here in the Eastern Province, the Commission has been able to disburse loans to 3,771 citizens, companies and cooperatives, an investment value in excess of K54.1 million,” he said.
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Meanwhile, as regards the loan recovery, Mr Mukata said the 71 percent recovery was against its set target of 90 percent for 2024.
“In terms of recoveries, the Commission has been able to attain a 71 percent recovery rate from the amounts that we have disbursed, that is against the target that we have set out for ourselves in 2024 which is 90 percent.
For the year 2023, the target was 85 percent we only managed to attain 70 percent recoveries and what this does is it still creates an opportunity to attain the target that we have set for ourselves but also encourages everybody that has received to pay back the facility so that other people can also benefit from the CEEC,” he said.
Meanwhile, a beneficiary of the CEEC loans, William Mwanza, said his business has been boosted through the said loans.
“I invested the money into the business that I am doing, I managed to order materials for uniforms. I used to use a small machine but now I managed to buy a bigger type. I also have people who help me, the ones I have employed. I used to have one employee but now we are four,” he said.
And a beneficiary living with a disability, Tabitha Kwenda, said the loan she obtained from the Commission has helped her business move from buying one 50Kg bag of Kapenta to two by 50Kg bags of the same commodity.
“I am one of those that got a loan from CEEC, I have seen a benefit as you can see my merchandise. The loan boosted my capital and helped me get a profit,” she said.
Ms Kwenda also appealed to other CEEC loan beneficiaries who have not paid to pay back so that they can be helped again.
“I am appealing to my friends as you can see, I have difficulties walking but I have been encouraged because I have found assistance for my business.
I am encouraging friends that have no challenges in walking, to pay back the loans so that we can be helped,” she said.
