business

Nov. 23, 2021

NEO SENOKO

2 min read

BEDCO seeks to capacitate SMMEs

BEDCO seeks to capacitate SMMEs

BEDCO CEO, Idia Penane

Story highlights

  • Project seeks to strengthen the entrepreneurship ecosystem
  • Immediate programme beneficiaries will be MSMEs as they will be assisted to develop to their next level of growth

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SMALL, Micro and Medium Enterprises (SMMEs) are set to benefit directly from the enterprise development programme under the Basotho Enterprises Development Corporation (BEDCO), an institution established to develop Basotho owned businesses.

The programme that was launched recently comprises several initiatives that will be implemented towards growing the local SMMEs to enable them to recover from post COVID-19 challenges and to boost job creation and economic growth.

Key objectives of the programme are among others to establish 50 start-up MSMEs per annum amongst the youth towards addressing youth unemployment challenges.

It also aims to develop 1 300 per existing MSMEs per annum to grow their next level of growth, enabling them to create more jobs. It further seeks to strengthen the entrepreneurship ecosystem in order to enable successful achievement of the programme.

The immediate programme beneficiaries will be MSMEs as they will be assisted to develop to their next level of growth.

“To implement a significant part of the programme, BEDCO has received support from the African Development Bank through the Government of Lesotho, under the Economic Diversification Support Project (EDSP). We are grateful for this support and acknowledge the efforts and commitment that have been made by EDSP team in ensuring that we get the necessary support,” BEDCO Chief Executive Officer (CEO,) Idia Penane said during the launch.

Furthermore, the programme will be implemented through three projects with tailor-made interventions which address specific needs in different categories of facilitation of formalisation project, targeting 1 000 micro enterprises aimed at assisting Basotho businesses in the informal sector to register their businesses and unleash the benefits that come with formalisation.

 The project is being carried out in collaboration with the Lesotho Revenue Authority (LRA) and the Ministry of Trade through the One Business Facilitation Center (OBFC).

The three organisations went on to sign a Memorandum of Understanding (MoU) as a way to formalise their collaboration.

The project will also provide capacitation to micro businesses and assist them with the necessary support to be able to access financing and markets.

It will be carried out with other relevant business registration regulatory organisations based on the sectors to be assisted.  

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Another key focus area of the project will target Small and Medium Enterprises to grow from Small to Medium and from Medium to Large.

“The project will initially assist 250 small businesses as well as the youth enterprises development project which has been coined as ‘The Youth Launchpad’ which specifically targets youth owned startup enterprises.

“This project encourages the pursuit of entrepreneurship among Basotho youth as a means of employment creation. The project provides seed capital through business plan competitions and idea pitching sessions through which we will invite the private sector to sponsor youth businesses requiring small amounts of funding. The winners will undergo incubation and mentorship to ensure success of their businesses,” Ms Penane added.    

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