‘Implement flexible taxes, loans’
Local Government, Unity and Culture Minister Richard Chimwendo Banda has urged President Lazarus Chakwera to consider scrapping off collateral security for applicants of loans in government institutions.
He said this on Tuesday during Chakwera’s engagement with Lilongwe vendors at Kamuzu Palace.
Said Chimwendo Banda: “The requirement is a stumbling block to the underprivileged that want to venture into business or want to grow their existing ones.”
In his response, Chakwera said his administration will collaborate with money lending institutions to charter a path that would lead to attachment of flexible conditions to loans.
He agreed that a majority of undeprivileged families are not able to access loans due to prohibitive conditions such as collateral.
The vendors’ chairperson Hardwell Kachibeketes said some taxes imposed on the businesses are killing the spirit of entrepreneurship.
