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'Cooperatives can help traders'

By unknown | Mar 10, 2009 | COMMENTS [ 0 ]

Canaan Mdletshe

Canaan Mdletshe

KwaZulu-Natal MEC for finance and economic development Zweli Mkhize yesterday challenged informal traders to form themselves into "financial savings cooperatives" - so that they can lend money to other informal traders.

Mkhize was speaking in Durban during an informal traders' imbizo at Albert Park.

Mkhize said the government had set aside about R5million for financial cooperatives.

He said the government would match any amount of money that the cooperatives raised as start-up capital.

"After we've seen that you have been able to run a trust properly we will then give you a portion of that fund.

"As small business, you are a sector that the government believes needs to be assisted in order to grow."


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