Bridging the gap
Assistance for start-ups
The Economic Association of Namibia (EAN) held a public discussion titled “Bridging the Gap: Government Funding Solutions for Namibian Startups and SMEs” in the capital earlier this week.The event aimed to address critical funding challenges facing small and medium-sized enterprises (SMEs) and start-ups in Namibia, with an emphasis on practical government-driven solutions.
Giving the opening remarks, EAN vice president Jesaya Hano-Oshike spoke on the importance of supporting SMEs, saying there is a pressing need to streamline and enhance support mechanisms for MSMEs. “Simplifying public procurement processes, reducing interest rates on loans and fostering collaboration with commercial banks are critical steps towards creating a conducive environment for MSMEs to thrive.”
Deputy Minister of Sport, Youth, and National Service Emma Kantema-Gaomas gave the keynote address, commending the organisers for bringing the real-life issues faced by young Namibian entrepreneurs to the fore.
She confirmed the government’s undertaking to empower the youth, strengthening the entrepreneurial landscape and their commitment to bridging the gap, especially of knowledge and information, imploring them to create opportunities for Namibian entrepreneurs.
Positive relationship
“Recognising the importance of the positive relationship between the business climate factors and the performance of SMEs, financial institutions and organisations that support entrepreneurship should focus on providing accessible financing options, specifically that are tailor-made when it comes to youth,” she noted.
Deputy executive director of the industrialisation and trade ministry Michael Humavindu delivered a presentation that highlighted the support schemes of the ministry and the way forward which is to implement measures that promote access to financial services for underserved populations.
“By investing in capacity building initiatives, Namibia can nurture a generation of entrepreneurs who are not only skilled in managing their businesses but are also equipped to mentor others, fostering a culture of continuous learning and growth.”
Sharing insights
The discussion featured prominent speakers from diverse sectors, including Hellen Amupolo (DBN) and Indileni Nanghonga (Agribank). Both addressed critical funding issues, with Amupolo emphasising the DBN’s role in sustainable business financing and Nanghonga advocating for greater support within the agricultural sector.
“DBN provides support to SMEs and MSMEs through asset-backed finance (equipment and vehicles), business finance (term loans), and contract-based finance,” Amupolo said, while Nanghonga said their mandate is to promote growth and development of agriculture through affordable and innovative financing, financing the entire agricultural value chain.
During the panel discussion, the speakers answered questions from the young entrepreneurs in attendance.
Joining the panel discussion, Vitalis Haupindi alluded to being practical around the fintech space and becoming innovative to change the way people live. “In the area of fintech you should be a scientist, not a manager,” he said.
The panellists enlightened the entrepreneurs on how they can access the initiatives in place and the initiatives that they are embarking upon.
Several leading organisations supported the event such as the Hans Seidel Foundation, German Cooperation, FNB Namibia, Bank Windhoek, and The Brief.
Through initiatives like this, EAN reaffirms its commitment to driving economic empowerment in Namibia by bridging the gap between government initiatives and business needs.