Times Of Swaziland: SCHEMES REQUEST MSMES FUNDING APPLICATIONS

SCHEMES REQUEST MSMES FUNDING APPLICATIONS
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Mhlengi Magongo on 20/07/2022 07:28:00


MBABANE - The government has various financial schemes to assist Micro Small and
Medium Enterprises (MSMEs), especially those owned by the youth in attaining
capital funding for their businesses.
Government said these schemes have enough funds to finance capital projects for
the youth, but they receive fewer applications, not properly structured. The
poorly structured applications are rejected as per the norm of the application
process, thus contributing to the funds remaining stagnant. These financial
institutions have attested to rejecting about 68 per cent of applications
because they did not meet the criteria needed to be awarded the funds.
Unclear
One of the key issues highlighted collectively is unclear details of the form of
business requesting funding and management structure.
The schemes said the business plans they received are almost similar in details
per constituency, which prove lack of attention to details, thus affecting
funder’s confidence. This was mentioned during the ‘sharpening
entrepreneurship skills among the youth’ workshop last week at the Ministry of
Commerce, Industry and Trade. The Small Enterprise Development Company (SEDCO)
in partnership with the Ministry of Commerce’s MSME Unit, facilitated a
five-day entrepreneurship workshop sponsored by the United Nations Economic
Commission for Africa (UNECA), for youth entrepreneurs. The workshop focused on
equipping the participants with the necessary knowledge and skills required for
organising and carrying out entrepreneurial activities, and developing the
ability of analysing and understanding business situations.SEDCO’s Chief
Executive Officer Khethiwe Mhlanga and dignitaries from the Ministry of
Commerce’s MSME Unit were also present in the workshop. Giving remarks at the
ceremony, SEDCO’s CEO Khethiwe Mhlanga encouraged participants to apply the
knowledge and skills they have acquired from the training so that their
businesses can grow and be sustainable.
Correct
“The knowledge you have gained in this training is an investment to your
businesses because the skills you have acquired will help you to correct some of
the mistakes that you have made which will make your businesses more
sustainable,” she said. Mhlanga also encouraged the participants to reach out
to SEDCO at any point in their entrepreneurial journeys because it offers an
array of services and products for SMEs.“When you start to feel like your
business is in trouble and you need some business advice, please visit SEDCO. We
have qualified business coaches and counsellors that will help guide you and
point you in the right direction,” she said. SEDCO also supports entrepreneurs
with registering companies, attaining trading licences, developing viable
business plans, applying for funding, business incubation, marketing and
recently, developing website and company emails. MSME Acting Director Philisa
Dlamini said their financing model includes financial literacy training which
aims to equip young entrepreneurs with financial management and record-keeping
skills.
Dlamini mentioned that government has established various financial schemes to
assist MSMEs, especially those owned by the youth to attain funding. She also
mentioned the Small Scale Enterprise Loan Guarantee Scheme (SSELGS), the
Regional Development Fund (RDF), the E45 Million MSME Revolving Fund housed at
EswatiniBank, the Informal Traders Revolving Fund (ITRF) housed at FINCORP, and
the Youth Enterprise Revolving Fund (YERF). Dlamini further encouraged the
participants to come together and collaborate because this places them at a
better position of securing grants from financial schemes like the RDF. She also
encouraged them to advocate for government to improve the business environment
and to implement existing policies.“As business people, you have the power to
influence the business environment in the country, you just need to be proactive
and approach us as government to make your requests,” said Dlamini.
Appreciated
Speaking on behalf of the participants, Sibusiso Dlamini appreciated SEDCO for
the informative training and requested that it conducts an aftercare programme.
“We would like to request that SEDCO checks up on us after this workshop and
assists us with securing funding and implementing what we have learned in this
workshop,” he said. He added that training modules included business
awareness, survival budgeting, causes of business failure, importance of
record-keeping, financial statements, marketing, business planning, risk
management costing, and pricing and sources of finance.