STD BANK INJECTS E300K FOR YOUTH START-UPS

EZULWINI – At least 10 youth innovative businesses have received seed capital of E300 000 through the Ematfuba – Ami programme, courtesy of Standard Bank Eswatini.

The businesses that were awarded the funding had gone through a business incubation programme that was provided by the Royal Science and Technology Park (RSTP) in support of the bank. The young people running the said businesses were awarded the funding and certificates at the Royal Villas  yesterday morning during the Ematfuba – Ami award ceremony. The businesses run by the young people were from different sectors including information and technology (IT), food and nutrition, climate and environment, as well as agriculture to name a few.

Prior

Each business received seed capital of E30 000. Prior to the presentation, they all made brief presentations about their businesses and their future plans. Speaking during the event, Standard Bank Eswatini Chief Executive (CE) Mvuselelo Fakudze said they believed that in order to drive Eswatini’s economy, they had to empower small and medium enterprises (SMEs) with financial assistance, as well as the training and development that can foster holistic sustainable business growth. Fakudze highlighted that through the bank’s corporate and social investment initiatives, they invested over E750 000 per annum into inculcating the entrepreneurial spirit in Eswatini. He said this included grassroots initiatives such as the Junior Achievement (JA) programme that targeted high school students. “We are especially proud of our partnership with RSTP as it is the capstone of all of our SME development programmes,” he said.

The CE said it was only through the Ematfuba – Ami programme that they offered seed capital and access to enterprise direct, where they could offer young people coaching and further financial solutions to equip them to grow their businesses. Fakudze said as a bank, they also offered financing to small and medium enterprise businesses. He said they had comprehensive products and services that could be tailored to one’s business needs.

Borrowing

He said, however, it was emphasised that while borrowing was an effective way to raise the equity, one needed to effectively run and grow a business, as a bank they encouraged one to access debt only for revenue-producing assets as they had seen many promising businesses fail due to lack of discernment on how to use debt efficiently for business growth. The CE said every problem in Eswatini had the potential to be a catalyst for successful innovation and if one looked at the global economy, it was the innovators that held the wealth. He said innovation required grit, to pursue solutions and not necessarily profit. He stated that profit was a direct reward for excellence in the pursuit for solutions that society could use.
“That is the foundation of good business,” said the CE.

He added that through the Ematfuba-Ami programme, they believed that the young people had been able to define their business vision and strategy, as this would determine the type of financing they would need for their business. He further mentioned that as a bank, they were also intentional about sourcing products and services from the businesses that bank with them, reciprocating the trust placed in the bank to be the businesses’ financial partner. He highlighted that as seen in yesterday’s newspaper; they were looking to add to their supplier database. “Having quality products and services can put you in a good stead to be one of our reliable vendors,” he added. Standard Bank Head of Enterprise Banking Setsabile Nhlabatsi said at Standard Bank, addressing entrepreneurs’ needs was essential to creating a prosperous economy. She said they did not just want to borrow businesses money or give them seed capital, but they wanted to partner with businesses for growth.

Best

“We want to see you become the very best in your industry by providing you with financial solutions that are tailored to your business,” she said. RSTP’s Khanyisile Dlamini said through having the youth being entrepreneurial, the country would defiantly reach a point where it relies less on the Southern Africa Customs Union (SACU) receipts. Dlamini was representing RSTP Chief Executive Officer (CEO) Vumile Dlamini. She stated that through the Ematfuba-Ami program, they seek to educate young innovators about a range of business development options that they could choose from to turn the tangible and intangible creations of their minds into commercially viable value.

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