MBABANE – The municipality is in partnership with other organisations to train micro, small and medium entrepreneurs (MSMEs).
Four young entrepreneurs who came up with the top four business proposals under the Municipal Council of Mbabane out of School Youth Entrepreneurship Training got an opportunity to pitch for funding at FINCORP. The entrepreneurs have been under the mentorship of Junior Achievement Eswatini (JAE) since they graduated from the programme. FINCORP Senior Manager Credit Operations (SMCO) Sipho Mkhwamubi said this was more than just a mere pitch, as the company is seriously looking at funding more viable proposals from young people.
Challenges
“We get a lot of insights from the business cases of young people. What we have observed is that they face unique challenges from the older age group in terms of access to land, for example, and issues that have to do with providing a deposit. While we do have the Small-Scale Enterprise Loan Guarantee Scheme, we appreciate that we need to do more to position young people to fully benefit from this arrangement. As a business, we commit to continuing to explore ways in which we can assist young entrepreneurs better. Or else, we have advised each one of them on the areas they need to polish up and come back to apply for funding in any of our branches closer to them,” he said.
One of the youth entrepreneurs, Bongiswa Dvuba, said it was his first time pitching for funding, and he has learned a great deal from the presentation and feedback. “One of the key takeaways for me is that my business needs to be viable both on paper and practically, and that because I am already in business, I should avoid cutting corners, keep track of everything, and have a clear cash flow,” he said. Dvuba runs East Men Farms. He started the business in 2020.
Assistance
He produces different lines of convection-grown vegetables, beans, and seedlings. He already has a market, especially through the assistance of the Eswatini National Agricultural Union (ESNAU). He is looking for funding to cover costs such as fencing land for security, setting up an irrigation system, buying seeds, installing a greenhouse and buying insurance. JA Programmes Manager Nomcebo Dladla thanked FINCORP for providing the pitching platform for young entrepreneurs. “We appreciate the feedback. We have also seen the key areas where we need to help our young people as we mentor them to ensure that they are financially viable,” she said. Mbabane Municipal Council City Economic Development Officer Winile Dlamini also thanked FINCORP for opening their doors to young people and their commitment to assist them. “We have also learnt that as we help young people, we should apply a more comprehensive approach to ensure that by the time they come here to pitch, they are ready to be financed,” she said.