BEDCO should exert itself in ensuring that as many SMMEs as possible benefit from the newly signed deal between the local body and an American based venture capital company called Enygma Ventures.
Sept. 16, 2021
2 min read
BEDCO brings solace to struggling smallholder entrepreneurs
- Five-year deal targets female entrepreneurs
- Meant to provide funds to kick-start their businesses
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On Monday, BEDCO announced the signature of a five-year partnership with Enygma, marking a significant breakthrough towards growing and scaling up of the SMME sector in the country, particularly with focus on women entrepreneurs.
The whole idea is to rally behind female entrepreneurs and provide them with access to funds in order to either kick start or grow their businesses.
These goes to show how much the world and Lesotho included value the contribution women make towards the development of the economy in their respective countries.
The development of female entrepreneurs in the just signed deal will be achieved through offering sufficient support to meet the financiers’ demands.
The recipients of the initiative stand to receive capital ranging between M365 000 and M14million, provided they offer a certain percentage of their businesses to the benefactor.
This might not sound too enterprising to a struggling businesswoman who is still trying to get her business off the ground.
But come to think of it, if it means she will finally have access to funds that will help her business to grow then that is a chance worth taking.
Since the advent of the fatal COVID-19 pandemic, a lot of businesses were forced to close shop and many workers lost their jobs.
The economy of Lesotho and many other countries across the globe in the process suffered a serious dent, with little or no hope of recovery.
Despite the notable potential of the small businesses, local commercial banks are still reluctant to offer financial assistance to most of small and medium businesses.
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These are people who cannot even put together a clear business plan that can attract any form of funding.
As a result, it is upon BEDCO to ensure that people get their hands on these finances in order to scale up their businesses.
Achieving this goal will further mean that hunger and poverty will be reduced as more jobs will be created. It will mark a clear pathway towards the achievement of the private sector led economic growth as is the desire of the Government of Lesotho.
Hence, the signature of the deal between BEDCO and Enygma Ventures this week came as a welcome reprieve to such companies whose future was until now uncertain.
The contract has also brought hope to employees of several female-owned businesses who were out of jobs or on the verge of losing such jobs.
On another note, most of the small business holders in the country only operate informally, perhaps without any clear bookkeeping skills.
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