Cooperative advised to seek loans

BURERA - Agro-related community cooperatives have been advised to design business plans and seek bank loans in order to boost their investments. The Governor of Northern Province, Aime Bosenibamwe, made the remarks while meeting members of ten cooperatives operating in the four sectors, of Kagogo, Cyanika, Rugarama, and Gahunga in Burera District, on Monday. He said that local cooperatives should be accountable, and focused in order to have meaningful operations. ’Don’t expect to get money from the government, you should have clear business plans and seek loans from banks. The strength of the cooperatives is a strong pillar in the development of this province,’’ Bosenibamwe said. Members of cooperatives said failure to access their money from defunct micro finance institution has contributed to their financial constraints. Thadeo Nibishaka, president of COAMV farmers’ cooperative, testified how loans have helped them improve their businesses, revealing that the cooperative which started as a small association, is currently servicing a loan of Rwf45 m. It was however, reported that some individual members who received loans from Bank Populaire to buy cows, have failed to pay back and the debt has accumulated to Rwf13m, a situation which has affected lending prospects in the area. The Governor revealed plans to form an Access to Finance Forum, in the district to address problems hindering quick access to loans, help in preparing business plans, and ensure that the cooperatives repay the loans. Joseph Zaraduhaye, the Burera Mayor, revealed that the district will early next year organise training for cooperatives managers in how to prepare business plans, management, monitoring and evaluation. Ends

National

Cooperative advised to seek loans