SME Financing Program
The SME sector is recognized as an engine for economic growth due to its significant role in employment creation, income generation, poverty alleviation, and as a base for industrial development (URT, 2003). In terms of employment, there are in excess of a million entrepreneurs running small, medium or micro enterprises (UNIDO, 2012).
The bank has refined its offering to the SME sector with a view to transform SMEs by fostering synergies and collaboration among government institutions, local government and ambitious entrepreneurs.
The TIB SME program will comprise of the following:-
a) - Business development
b) - Incubation program
c) - Training and Advisory services
d) - Financing
The bank’s objective through the SME program is to coordinate linkages and efforts among stakeholders involved with SME promotion in order to ensure a sustained productive growth of SMEs.
TIB will support Local Government Authorities in the construction of industrial parks to house SMEs, manufacturers and specifically those that source their raw materials domestically and therefore strengthen and expand their role in economic growth and reduction of poverty. Such development of industrial clusters will enable infrastructure support agencies to provide preferential services, such as utilities and improvement of the road network.