Lending institutions urged to come up with packages tailored for SMEs

Minister of Small and Medium Enterprise Development Elias Mubanga says the New Dawn government is aware of the challenge of access to affordable finance by Small and Medium Enterprises (SMEs)and is not sitting idle over the matter.

Mr. Mubanga says government through his ministry has already asked lending institutions to come up with various packages tailored for SMEs.

The Minister has told Q-News in a telephone interview that the creation of his ministry is the first step towards bridging the gap that exists between lenders and SMEs.

Mr.Mubanga notes that interest rates are too high for the average SMEs.

He states that coming up with SME tailored packages will go a long way in protecting and enhancing small businesses which are key to economic growth.