Africa-Press – Lesotho. The First National Bank (FNB) in partnership with The Entrepreneurs Network (TEN) awarded 10 small companies M100 000 each to boost their businesses. The cash was disbursed under the Covid-19 Business Relief Fund.
The 10 companies that won the cash handouts are Dingane Super Tech Construction, House of Linford, Mofoka Agri-Projects, Monono Farm, Kuna Sounds, Mellow Snack Bar, Ralebakeng Farm Produce, Lehakoe Seed Company, Chembi Manufacturing and Turnz Incorporated (Bobatsi Products).
Speaking at the award ceremony on Tuesday, FNB CEO, Delekazi Mokebe, said Covid-19 had hit local businesses hard. Mokebe said “entrepreneurship is the cornerstone of our economy and we are excited to start this journey with these businesses”.
“Restoration of the economy is key and we all need to acknowledge that small businesses are necessary in ensuring sustainable growth,” Mokebe added.
Mokebe congratulated the 10 winners stating that “your contribution plays an important role in the survival of our economy and together, we believe that we can overcome the various challenges we face”.
“At FNB, we help you start, run and grow your business,” Mokebe said.
Thato Mathule, one of the judges in the competition as well as the acting head of retail at the FNB, said they were “impressed by the winners and that the bank understands the part small businesses play in the economy”.
With only one entry, a complete business plan layout vetted by a panel of judges, a total of 20 finalists from agriculture, tourism, manufacturing as well as the events management sectors (including non-FNB customers), were initially shortlisted for the competition. Stephen Monyamane, one of the judges and a local businessman, spoke about the importance of entrepreneurship in the economy.
As one of the co-founders of TEN, a Lesotho Based Entrepreneurial Ecosystem Builder that supports SMMEs, he said TEN connects small businesses with opportunities, and creates collaborative platforms for development partners, non-state actors and corporates in Lesotho to tackle pertinent issues that affect trade in Lesotho.
Monyamane said some businesses remain at the same level, with little or no growth, with the same or less annual turnover. “In Lesotho, the circle you keep defines you in almost every aspect, so at TEN we chose to use our privileges to then connect with the people that definitely need it more than we do because that’s what we are all about,” Monyamane said.
One of the winners from House of Linford, ’Malineo Sethesa, said that it was not easy but they have finally made it this far. “Congratulations to our fellow participants and great thanks to FNB for making their world a lot easier,” Sethesa said.
Dingane Moeketsi of Dingane Tech Super Construction in Mokhotlong added he was grateful for what the bank had done for them. He added that usually, the banks are the ones that take in money not the other way round, so the journey has totally been worth it.
The Deputy Principal Secretary for the Ministry of Trade, Tšireletso Mojela, congratulated the contestants. The 10 finalists will receive mentorship from TEN to build their business skills. The other 10 companies that did not make it onto the final list will also be given a full day training session to help them do better next time.
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