The Tanzania Private Sector Foundation (TPSF) yesterday launched a Sh10 billion business development gateway (BDG) project that will empower local entrepreneurs.
The project manager, Mr Willen van der Veer, told reporters that two components of the project -- national business plan competition and national business diagnostic programme, would benefit small scale enterprises (SMEs) with innovative business ideas by providing them with training and mentoring.
"In business plan competition, more than 600 winners will be granted cash grants ranging from $2,500 to $15,000," he said.
The funds would enable them invest in their businesses, such as seed capital, he explained.
Mr Veer said more than 5,000 applicants are expected in two years and eligible interviewees would attend a series of seminars. He said the project targets people with well-developed business ideas.
In addition, the official said, the project targets less developed and informal businesses through providing clear guidance on how to improve business performance to entrepreneurs who wish to be assessed.
He said more than 2,500 applicants will receive cash grants ranging from $1,000 to $4,000.
Mr Veer said in order to achieve the objectives, the project would cooperate with a network of locally established key partners. These are specialised in business training, consulting, SME banking, enterprise development and business network.
Speaking at the same occasion, TPSF chairperson Esther Mkwizu, said the initiative targets to promote sector-led social and economic development in Tanzania.
It would do so by rendering services to member organisations, she said. She noted that it would also promote organisations with common interests, understanding and those engaged in effective advocacy with the Government.
