The Presidential Empowerment Initiative Fund says about K13.8 million has so far been released to support small business holders in selected provinces.
Fund Coordinator Clement Tembo says over 700 women clubs in five provinces have been supported by the fund.
Mr. Tembo has told journalists in Lusaka that the default rate in terms of repayment of the loans stands at about five percent.
He says the fund, which is a revolving one, is aimed at supporting women with business ideas and help them grow in their businesses.
He has also disclosed that some loans were written off due to the fires that gutted some markets in the recent years.
“It was prudent that we had to write off some loans because some marketeers lost their goods in the fires and so His Excellence directed that we write off the loans to help them recover from the loss,” he said.