FNB Lesotho has launched a competition to boost small business in Lesotho, in line with its understanding of the important role that small business plays in society.
As part of its ongoing effort to help revitalise the economy and business sector, the bank has announced it will be launching a ‘Business Funding’ competition, aimed at boosting small businesses owned by Basotho.
“We are excited to launch this great initiative and provide #realhelp to those businesses in need. Contribution by small business is vital to the survival of our economy, and initiatives like these provide a great platform to boost and help small businesses that have been affected by Covid-19,” FNB Lesotho CEO, Delekazi Mokebe, said.
In a statement issued on Thursday, the bank disclosed that 10 small businesses will be selected and will stand a chance of winning a share of M1million.
It emphasises that this funding is not a loan but a grant to boost small businesses, and that it will also provide the winners with a mentorship programme to ensure that they are equipped with managing and running their businesses during these tough economic times.
“The competition is open to businesses in the agricultural sector (production and agri-processing), manufacturing sector, event management sector or the tourism sector.
“These sectors, among many others, hold and shape the economy of Lesotho. We believe that Basotho has the skill and ability to build strong businesses which will contribute to the sector; and ultimately the economy,” Mokebe concluded.
To enter the competition, businesses should have been in operation for a minimum of three years with a clear financial track record; they should have at least three employees, including the owner, and have an annual turnover of M2million.
The competition is open to all Basotho-owned businesses including non-FNB customers.
