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Stanbic Bank and the United States African Development Foundation (USAF) have short-listed 14 eligible Micro Small and Medium Enterprises (MSMEs) who could potentially access up to US$25,000.00 each under the recently-launched grants scheme.
The Bank and the USADF in September this year signed a partnership agreement to award a total of US$1 million in grants to eligible MSMEs over a period of five years to boost the country’s economic growth.
At a special Financial Literacy Training session at the Bank’s Training Centre in Lusaka, USADF Zambia Programme Co-ordinator, Guy Kahokola, announced the short-listing of 14 MSMEs.
Kahokola stated that those who hailed from various provinces around the country stood a chance to pitch their respective business proposals for a chance to clinch up to US$25,000.00 in grants to be used as capital expenditure.
“Let me start by congratulating all of you for making it as finalists. It was quite competitive! We had over 160 applications; from 160, we shortlisted 14 of the best. The exercise and training, today, was really to assist you to prepare for the pitch, which you are going to prepare for our judges,” he said.
The USADF is an independent United States government agency that supports African-owned and led enterprises that improve lives and livelihoods in vulnerable communities.
At the same training, Stanbic Head Enterprise Banking, Katongo Chilufya advised the 14 MSMEs to “Live a life that they can afford and make lifestyle choices in line with budgets and goals.”
Chilufya noted that there was need to be able to separate the business and the business owner, stating that “the moment one thinks the business is ‘us’, then there’s a problem. She concluded by stating that one of the keys to financial freedoms is managing your debt successfully.”
Business owners hailed Stanbic for financial literacy programme, with Niza Phiri, the Managing Director of Minos General Trade Limited, a frozen foods business based in Lusaka, noting “This is a fantastic initiative by Stanbic to bring out SMEs together. There is a lot of information SMEs lack, and the financial literacy training has provided information around managing finances, which is key.
“There were products, such as one-stop insurance, that we were not aware of so we appreciate Stanbic’s initiative towards supporting SMEs. We were very excited to be short-listed for a pitch; we are hoping to access about K600,000, which will enable us to grow our business.”
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