Local Enterprise Authority (LEA) and Absa Bank Botswana Limited (Absa) have partnered to through a Memorandum of Understanding; as a commitment to cooperate in the field of entrepreneurship and SMME development. The two entities forge linkages to accelerate growth of the Small, Medium and Micro Enterprises in Botswana. This will be achieved through provision of targeted entrepreneurial skills capacity building interventions that will enhance SMME sector competitiveness and sustainability.
This strategic collaboration will focus on the following:
• Provision of business management training, coaching and mentorship programmes to benefit both Absa Bank and LEA clients
• Funding solutions for bankable SMME business plans
• Entrepreneurship awareness workshops to encourage enterprise development as an alternative to formal employment
• Joint research to identify business opportunities that could benefit the SMME sector.
“This couldn’t have come at a better time as now we know the challenges that our SMEs are facing given the numerous challenges which are now compounded by the COVID -19 pandemic.We do put our customers and clients at the center of everything that we do hence we found it necessary to partner with LEA on this journey,said Keabetswe Pheko-Moshagane, Managing Director of Absa Bank Botswana.
When acknowledging the partnership, LEA Chief Executive Officer Dr. Racious Moatshe said the SMME sector plays a significant role in the our economy, and has a potential to contribute to job creation, import substitution, export development and economic growth. “Hence our strategic collaboration with Absa as a financier to assist with targeted SMME funding solutions.We are grateful to have Absa onboard as we continue to implement transformative strategies, programmes and projects that promote entrepreneurship and develop SMMEs in Botswana,’’ he added.