MASERU – The Lesotho Post Bank has set up a start-up grant towards uplifting the Small, Medium and Micro Enterprises (SMMEs) that collapsed due to the Covid-19 pandemic.The bank has donated a M100 000 grant to Khathang Tema Baitšokoli as part of its Corporate Social Responsibility Initiative to ensure that the SMME sector sustains tough conditions of the Covid-19.

Close to 100 small business holders are set to benefit through the grant with each individual expected to receive at least M1 000 to revive their businesses. Not only those in Maseru are set to benefit but even vendors at district level. The expectation is that beneficiaries will receive their monies in less than a month from now. The bank will also provide training to these beneficiaries to ensure that their businesses thrive during this period. “We noticed that the Covid-19 pandemic has affected the sector negatively, particularly with the lockdown that was imposed in April. So we approached Khathang Tema Baitšokoli to see how we could assist them going forward.

“That is when we learned that some people are actually out of business as we speak due to Covid-19 pandemic. Then we decided to pick them up as well as to ensure through training that their businesses may never collapse again,” Lesotho Post Bank Chief Executive Officer Molefi Leqhaoe said during a media briefing on Wednesday. Leqhaoe, however, raised a concern about lack of savings culture in the SMME sector, emphasising that the training that they will receive from the bank should help them in that regard. This, he said, is particularly important considering that the sector is the one driving the economy of Lesotho.