The National Bank of Malawi has teamed up with the United Nations Development Program as it endeavors to support small and medium businesses. Their goal is to help small and medium companies to scale up, allowing them access to risk capital.
Oswin Kasunda is the Head of Personal and Business Banking at the National Bank of Malawi. He says that it is important to partner up with an organization funding a program that can match funds for small and medium businesses so that they can grow in unpredictable times.
There are many unknowns about the future as we prepare to adjust to life after a pandemic. One of the unknowns is how many businesses are going to survive and how many are going to sink. It’s a crucial time right now to secure funding to make sure that your company can make it through.
How Much Will NBM Match?
Kasunda says that they will match funds up to $40,000 from the United Nations Development Program, as well as the Royal Norwegian Embassy, who is the spearhead company behind the program.
Kasunda continues to explain that NBM joined the program in June of 2019, as it realized how appealing the arrangement could be to small and medium companies alike. Since they first partnered a year ago, they have been able to help fund eight of the 12 businesses that are a part of the program.
Additionally, The National Bank of Malawi will also be able to provide mentorship to entrepreneurial companies, Kasunda says. This includes being able to talk to experienced management staff, who are prepared to volunteer their time to mentor and coach entrepreneurs.
The bank has additionally networked with Growth Africa, as well as the United Nations, about the idea of being able to create coaching videos for start-up companies that need a bit of help getting their idea off the ground. This would be through the 2020 Growth Accelerator Program.
The intention here is to provide them with content and guidance, as well as tools in a time where their management team can’t help them in person, due to social distancing guidelines as a result of COVID-19.
As well as company funding, short-term and personal loans are great options, too. Look up ‘title loans near me‘ for your nearest lender.
Accelerating the Growth of Innovation
The entire program is designed to accelerate the growth of ambitious, innovative, and scalable businesses that can ultimately create more jobs for the Malawi economy, and promote the development of the private sector. It also seeks to reward entrepreneurship, especially in uncertain times such as these. Banker will also be encouraged to take banker certifications during their spare time.
The Growth Accelerator Program was first started two years ago, so the NBM has only been with the program for a year. The first group of businesses that completed the program has completed a one-year de-risking program, where they benefited from being taught by experts. The training included learning the ropes of running a business and maintaining their relationships with commercial banks.
In this time of worry and uncertainty, having programs like this can make all the difference. It’s also important to have your company’s funds secure for the next few months. Whatever you do, make sure that you make the most of the resources available.
About The Author:
Aqib Ijaz is a digital marketing guru at eyesonsolution.com. He is adept in IT as well. He loves to write on different topics. In his free time, he likes to travel and explore different parts of the world. You can read more of his blogs at eyesonsolution.