New fund aims to turn small businesses into big players
Namibian small businesses can now apply for grants of between N$50 000 and N$100 000 under a new small and medium enterprise (SME) fund. The fund aims to help businesses grow, create jobs and become more competitive. The fund was launched through the Promotion of Small and Medium Enterprises Development in Namibia Project, a partnership […] The post New fund aims to turn small businesses into big players appeared first on The Namibian.
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Namibian small businesses can now apply for grants of between N$50 000 and N$100 000 under a new small and medium enterprise (SME) fund.
The fund aims to help businesses grow, create jobs and become more competitive.
The fund was launched through the Promotion of Small and Medium Enterprises Development in Namibia Project, a partnership between the National Planning Commission, the Namibia Investment Promotion and Development Board (NIPDB) and the German development agency GIZ.
The project is funded by the German federal ministry for economic cooperation and development.
The fund targets registered Namibian micro, small and medium enterprises with an annual turnover of up to N$10 million and at least 51% Namibian ownership. The fund is expected to benefit women- and youth-led businesses with growth potential.
The fund will prioritise businesses in the agriculture, tourism, information and communication technology, and manufacturing sectors.
Acting NIPDB chief executive Jessica Hauuanga says the fund goes beyond simply providing money to businesses.
“The SME fund represents a deliberate effort to move beyond transactional support and invest in the long-term competitiveness of Namibian enterprises,” she says.
In addition to grant funding, successful applicants will receive business development support, mentorship, production support and guidance on accessing new markets. The aim is to help businesses improve performance and grow sustainably.
GIZ Namibia country director Tobias Gerster says the initiative reflects the partnership between Namibia and Germany and aims to help entrepreneurs turn their ideas into successful businesses.
Applications for the first funding cycle opened on 10 June and will close on 24 July.
The post New fund aims to turn small businesses into big players appeared first on The Namibian.
