According to data from the Local Enterprise Authority (LEA), 13 767 application accounts for the Chema-Chema program application have been created on the online platform as of 9 April.
The Chema-Chema program is a P500 million loan program aimed at informal businesses. The objective of the Chema Chema Fund is to facilitate new and existing informal businesses through inclusive financing and development by providing affordable short-term loans to citizen informal businesses.
The expectation of beneficiaries of Chema Chema is that they will use the Fund to improve their well-being and contribute meaningfully to economic growth. The Fund covers short-term loan financing; procurement of infrastructure; expansion of business capacity building; and administrative costs.
According to LEA, of the 13 767 applications, 1806 were completed, 320 were verified and 301 were ready to apply for the loan program.