As part of the Bank’s initiatives to bring to life the new brand positioning of IT CAN BE, and to commemorate the 25th anniversary of Standard Lesotho Bank, the Bank has launched the Entrepreneurship Support Competition, which is a competition for capital grants to help Basotho businesses to survive the Covid-19 pandemic.
The Bank has launched this competition, in which up to nine (9) fully Basotho owned businesses that have been impacted negatively by Covid-19 stand to win a share of M600,000 to keep the doors of their businesses opened.
The intention of the competition is primarily to provide financial support to enable businesses to re-stock and revive business activities, and also position them for success when economic activities go back to normal.
The competition is open to businesses that are fully owned by Basotho nationals who are either sole proprietors, companies, partnerships or cooperatives that have been in operation for a minimum of three years and employing over three employees.
Furthermore, these businesses should have a turnover of between M300,000 up to M2million. The businesses should be in the categories of retail, manufacturing, agriculture, services, food supply (not order catering) and infrastructure.
This competition is in keeping with the positioning of ‘finding new ways to make dreams possible,’ where the Bank seeks to lend a helping hand to keep Basotho’s dreams of running successful businesses alive.
According to the Bureau of Statistics, SMMEs make up more than 80% of the local private sector, and employ approximately 55,000 of the total labour force. Therefore, this competition will go a long way in resuscitating the economy and the livelihoods of Basotho.
“We believe that this competition will help to ignite the power of dreams within our entrepreneurs, and inspire hope in the communities that we serve so that we can revive our ailing economy together,” says Thabiso Tsenki, the acting chief executive.
The competition is also a clear demonstration of the commitment of Standard Lesotho Bank towards the growth of Basotho businesses.
Full details of the competition and an entry form are available on the Standard Lesotho Bank website, www.standardlesothobank.co.ls. The deadline for application is October 16 2020. The management of the Bank encourages Basotho entrepreneurs to take advantage of this opportunity. The competition is open to all qualifying Basotho nationals including those who do not hold Standard Lesotho Bank accounts.