23 February 2018

Tanzania: DTB Tips Firms On Financing, Survival

Dar es Salaam — The Diamond Trust Bank (DTB), in partnership with PFK Associate, has organised workshops to enlighten Small and Medium Entreprises (SMEs) on best business practices to be used as a tool for accessing credit.

At a workshop held for SMEs in Dar es Salaam yesterday, DTB CEO and country manager Viju Cherian said similar training had been planned throughout the bank's network.

"The workshop will enlighten SMEs on practices that will widen their knowledge on book-keeping, business compliance and credit management, that if well-managed will enable them to easily access loans," said Mr Cherian.

Up until now, DTB bank has granted loans worth over Sh285 billion to SMEs.

"SMEs are a very special segment of the economy that needs sustainable support. SMEs loan book represents 45 per cent of the bank's total loan portfolio," said the DTB boss.

The bank's products and marketing head, Mr Sylvester Bahati, said given the current hurdles faced by SMEs, the workshop will focus on the current economic environment of doing business in order to educate them on how they can survive in the industry.

"Now that the economy is heading towards industrialisation, it is important that SMEs, which mostly dominate the scene, are aware of the business climate so as to better cope with the growing economy," said Mr Bahati.

The workshop also highlighted the importance of being compliant with tax laws and regulatory requirements. It also offered insight into setting out various amendments and guidelines on taxation and practical aspects of labour laws in Tanzania and the intricacies of bank credit including advice on loans for SMEs were also extended.

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