LEA, ABSA BRING SMES SUPPORT PROGRAM

This couldn’t have come at a better time as now we know the challenges that our SMEs are facing given the numerous challenges which are now compounded by the COVID -19 pandemic.

The Local Enterprise Authority (LEA) and Absa have joined hands to support entrepreneurship development of small, medium and micro enterprises. According to a communiqué issued this week, the two entities want to accelerate growth of SMMEs through provision of targeted entrepreneurial skills and capacity building to enhance the sector's competitiveness and sustainability. Managing Director of Absa, Keabetswe Pheko-Moshagane said the initiative will cushion entrepreneurs from the on-going COVID-19 pandemic. “This couldn’t have come at a better time as now we know the challenges that our SMEs are facing given the numerous challenges which are now compounded by the COVID -19 pandemic,” said Pheko-Moshagane.

Absa is one of the biggest banks in the country having recently rebranded from Barclays.

Sharing his sentiment on the development, LEA Chief Executive Officer, Dr. Racious Moatshe said the SMME sector plays a significant role in the economy, and has a potential to contribute to job creation, import substitution, export development and economic growth. “We are grateful to have Absa onboard, as we continue to implement transformative strategies, programmes and projects that promote entrepreneurship and develop SMMEs in Botswana,’’ Moatshe said.

The partnership’s focus will be provision of business management training, coaching and mentorship programmes to benefit both Absa Bank and LEA clients, funding solutions for bankable SMME business plans and entrepreneurship awareness workshops to encourage enterprise development as an alternative to formal employment. In addition, the scheme will offer joint research to identify business opportunities that could benefit the SMME sector.