The Ministry of Commerce, Trade and Industry has encouraged local Small and Medium Entrepreneurs (SMEs) to take advantage of using movable assets as collateral in growing their businesses.

Ministry of Commerce, Trade and Industry Permanent Secretary Kayula Siame says movable assets can also be used as collateral for SME’s to grow their business other than land.

Ms Siame says her ministry enacted the Moveable Property Security Interest Act in 2016 to allow movable assets to be used as collateral.

Ms Siame says moveable property security interest act was enacted to enable SME’s have easy access to finance services.

She further says her ministry is implementing a number of policies in the trade and investment framework among them is the investment policy strategy and the national local content strategy.