By Safi Emmanule
The Economic Recovery Fund is an economic fund set up by the government to help traders recover from the losses they suffered during the Covid-19 era.
The lenders will repay the loan at a lower interest rate than any other type of loan.
In Karongi District there are traders with the help of the Financial Institution, INKUNGA Finance PLC which is headquartered in Karongi, Rubengera Sector, where it has helped them get the loan at a low interest rate.
The beneficiaries will pay 9% interest while the rest of the Bank will pay between 19 and 20% interest.
Vugayabagabo Donath Director of Finance and Administration at NKUNGA Finance Plc. Speaking to Dawn, he said that they have done this to continue to help their members continue to work in this extraordinary time.
“Our clients are the ones who keep us working and no one can abandon them in difficult times, and in normal times we are together. There are those who have business in the hotel industry who feel that they are not doing well, they have written to us asking us to look at how they have paid their taxes and then we have received loans from the National Bank of Rwanda (BNR) through this fund. ”
Financial and Administrative Officer at NKUNGA Finance Plc. “They will pay 9% interest while they normally pay between 19% and 20% so our customers are there to help them and encourage others,” he said.
One of the owners of the Hotel business in Rubengera Sector says that the world is currently threatened by the Covid-19 epidemic and the hotel business is disrupted, but says the fund has helped them to continue to operate.
“First of all, I urge Rwandans to avoid COVID-19 because it is there when you protect yourself and your country and the economy continues to thrive. I thank the government for considering this fund and for the support it has given us in BNR. ”
The entrepreneur refrained from disclosing the amount of money he would have been given by telling us that it was confidential.
Finance Finance Plc. has already donated more than 56Frw to the program. Its director says they are continuing the process of transferring money through technology in order to avoid the spread of COVID-19 infection.
This story was sponsored by IMS