Social Fund Invest in SME Capacity Project
Wednesday, June 22, 2005
Substantial support for SMEs came this week in the form of a Nedbank SME Development Project, which was launched on Thursday.
“Many SMEs disappear from the scene mainly due to the shortage of bookkeeping skills,” said the Minister of Trade and Industry, Immanuel Ngatjizeko, in his keynote address to mark the project’s official launch.
Nedbank Namibia’s Social Investment Fund will make available N$350 000 for SME development over a three-year period. The project is facilitated by the Centre for Entrepreneurial Development (CED) of the Polytechnic. The CED forms part of the Polytech’s School of Business and Management.
Although the establishment of small and medium enterprises are punted the world over as the key to development, social growth, employment creation and improving standards of living, SMEs generally suffer from the same shortcomings, regardless of the country of which they are part.
The same situation prevails in Namibia. SME owners are faced with lack of skills, lack of access to capital and a lack of access to markets. Many SME owners and young or inexperienced entrepreneurs did not take an active decision to work for themselves; in most instances they are forced into it by their own circumstances. Various organisations in Namibia focus on creating capacity and improving the chances of success for SMEs.
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Source: Namibia Economist