Trade ministry revives SME assistance programme

Industrialisation and trade minister Lucia Iipumbu last week handed over equipment to small and medium enterprises (SMEs) in the Oshana, Omusati, Oshikoto, Ohangwena and Kunene regions, and launched the next phase of an SME assistance programme.She said while the programme had been discontinued between 2016 and 2022 due to budgetary constraints, the ministry has received a separate budget and will be rolling it out again to empower small businesses. She added that the ministry has also reviewed the criteria to ensure that they are aligned to specific current business needs in the country.She said this signifies the government’s ongoing commitment - through her ministry - to foster the growth and sustainability of enterprises which are the backbone of the economy.SMEs drive economy “The role of businesses - especially micro, small and medium enterprises [MSMEs] - in driving economic growth, creating jobs and alleviating poverty cannot be overstated. They remain the engines of innovation and drivers of sustainable growth and development. However, we also recognise the challenges that SMEs face, particularly in accessing the necessary tools, technology and resources required to thrive in today’s competitive market,” Iipumbu said. She added that this is why the ministry has prioritised the support and empowerment of SMEs through these initiatives.According to Iipumbu, as they endeavour to empower various enterprises in all 14 regions, the ministry is also specifically targeting collaborative ties between it and SMEs to encourage an open dialogue between government institutions and the private sector. 53% of applications approvedSince the inception of the programme, a total of 2 780 MSMEs have benefitted from the scheme across all 14 regions. A call for applications for the 2023/24 financial year targeted the following sectors: Manufacturing, agro-food processing, gemstone and dimension stone processing, pharmaceutical and cosmetics, and refrigeration and air conditioning.A total of 671 applications were received from across the country and 353 (53%) were approved. The Khomas Region recorded the highest applications (176), of which 81 were approved, receiving about 40% of the allocated funds. Kunene recorded the lowest. Saara Shikokola, a beneficiary from Eengodi in the Oshikoto Region, spoke on behalf of other beneficiaries, saying they are grateful to the trade ministry for the opportunity. “This marks a significant milestone in our journey towards economic empowerment. The equipment we are receiving will not only create new opportunities for entrepreneurship, but will also improve the livelihood of our people,” she said. She added that the support is testament to government’s continuous efforts to uplift rural communities and create an enabling environment for economic growth.

Trade ministry revives SME assistance programme

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Namibian Sun 2025-02-24

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Trade ministry revives SME assistance programme

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Namibian Sun 2025-02-24

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