16 local entrepreneurs get UNDP financial boost
The United Nations Development Programme (UNDP) Growth Accelerator matching grant programme has awarded 16 local entrepreneurs a $40 000 (about K41 million) grant each to boost their businesses.
The local entrepreneurs, who were announced in Lilongwe on Friday, include Drone Link, Dziwani Investments, E & G Investments, Funani Organic Fertiliser, Akhada Baskets, Chiweto SMS Platform and Apocalypse Waste Management Solution.
The entrepreneurs are in the sixth cohort of the 12-month programme being supported by KfW German Development Bank.
UNDP Malawi inclusive and green business programme coordinator Cinzia Tecce said they expect the entrepreneurs to achieve their set targets which include revenue growth and job creation.
She said: “The programme will also continue to work towards its commitment to address the cross-cutting issues of gender equality, human rights, climate and environment and anti-corruption to ensure that both the programme itself and the entrepreneurs embed these into their businesses.”
Growth Accelerator project manager Tambulani Chunga said they seek to improve growth among young entrepreneurs in Malawi, adding that they have put in place measures to ensure that the money is used for its intended purpose so that businesses thrive.
During the event, officials from National Bank of Malawi plc and NBS Bank plc made presentations to equip the small and medium entrepreneurs with business and financial management skills.
Apocalypse Waste Management Solutions founder and managing director Jeremiah Mwanza said they will use the grant to purchase a garbage collection track and construct a waste composting facility to improve service delivery.
The matching grants comprise a 70 percent contribution by the accelerator and a 30 percent contribution by the entrepreneur or their chosen investment partner.
The Growth Accelerator programme is poised to create over 730 jobs in the next 12 months.
KfW Development Bank has committed 25 million euro (about K26 billion), so far, towards More Income and Employment in Rural Areas through Infrastructure and Financing Programme. Their funding goes towards different matching grants given through financing instruments such as the Malawi Innovation Challenge Fund and the Growth Accelerator.
