Entrepreneurship support and management firm, Project Innovation Centre (Pic) has partnered Credit Reference Bureau (CRB) in a move that is expected to enhance easy access to finance among Small and Medium Entrepreneurs (SMEs).
The two firms signed a Memorandum of Understanding (MoU) on Wednesday in Blantyre.
Pic Chief Executive Officer, Kondwani Ngwira, said the move is in line with its project dubbed ‘Raising a Million Entrepreneurs by 2025’.
He said currently, the firm is working with over 16, 000 entrepreneurs across the country.
“Entrepreneurs have been complaining of access to finance and commercial banks have been blamed,” Ngwira said.
CRB Managing Director, Patricia Mwase, said through the partnership, members will be able to provide information, check and update their credit data with the bureau.
“Many entrepreneurs do not know about us, they only do when they go to the bank to get a loan and they are denied because our report shows they defaulted somewhere but with this partnership we are reaching out to the SMEs,” Mwase said.