21 Jul 2017 18:30pm
RUNDU, 21 JUL (NAMPA) The Kavango East Region Business Forum on Friday held a meeting with Small and Medium Enterprises (SMEs) to discuss how they can grow and secure funding.
The meeting was attended by financial institutions in the region such as Nedbank and Standard Bank, together with the Regional Governor, Samuel Mbambo.
Chairperson of the forum, Steven Muheto said the purpose of the meeting was for SMEs to have a discussion with the banks on how to secure loans and other business related activities.
Muheto encouraged businesspersons to come up with written business proposals so that they can benefit from the banks credit schemes.
Currently, the forum has four students from the University of Namibia (UNAM) Rundu Campus who are ready to assist them in drafting their business proposals, said Muheto.
Governor Mbambo, in his keynote address, encouraged SMEs to have a clear vision of their businesses for them to approach the banks for financial assistance.
He said banks should also engage the business community to explain the procedures of securing funding.
In his presentation, Dennis Penda from Standard Bank said for financial institutions to assist SMEs they should be registered and have the necessary documentation.
Other requirements, Penda explained are sound financial skills and records with a clear business vision that will contribute to the economy of the country.
For banks to help you, you should at least be off the ground for the financial institution to meet you half way, said Penda.
Michael Kamwanga, an SME owner who attended the meeting, described it as a good initiative by the forum, adding that financial institutions should come up with training programmes to help SMEs secure loans.
The forum is billed to have another training programme for SMEs in August on how they can run their businesses effectively.