THE National Economic Empowerment Council (NEEC) in partnership with UTT Microfinance have dished 360m/- loan to fund training on product manufacturing through use of simple entrepreneurship technology.
The Council’s Executive Secretary Ms Bengi Issa said at the weekend in Dar es Salaam that the loan will be released in phases to Star Natural Product Limited, the company entrusted to undertake trainings to small scale manufacturers.
“NEEC has guaranteed the loan disbursed by UTT Microfinance to provide innovative training in the production of goods using simple technology,” she said after handing over a dummy cheque worth 50m/- to Star Natural Product Limited.
The company is mainly focused on innovative, productive and creating simple technology in processing various products from crops namely soap making machines, cooking oil and sunny products.
The Council has begun to facilitate capital investments in partnership with UTT so that different products can be processed within the country for domestic market and exports. The Chief Executive Officer of the Financial and Credit Services Institute - UTT Microfinance Mr James Washima said the company that was given a loan is a designer of simple technology for small industries.
“This company was trained by the Small Industrial Development Organization (SIDO) and qualified,” he said adding that it now offers entrepreneurship trainings to promote industrial economy.
The Executive Director of the Star Natural Product Company (LTD) Mr George Buchafwe said his company is involved in technological innovations in small scale enterprises that assist farmers in crop production including palm oil tree, sunflower, and seaweeds.