Firm urges entrepreneurs to seek technical support

Business Partners International Malawi (BPI), a fund manager that provides debt equity financing, has advised budding entrepreneurs to consider seeking technical assistance from experts to grow their businesses.

BPI country manager Akuzike Kafwamba said this on Friday in Lilongwe when the firm hosted a business breakfast for Central Region entrepreneurs. This followed another business breakfast the firm held in the Southern Region in April this year.

He said BPI, as a risk financier, also provides technical assistance loans at zero interest to support entrepreneurs to address technical requirements of their businesses and achieve the desired growth.

Said Kafwamba: “The main message was how to get themselves ready to access funding. The biggest challenge with small and medium enterprises is access to finance and also access to information on how to access funding.

“We tie these two things together by engaging entrepreneurs so that they appreciate that there is someone who can provide both financial and technical support for them to grow their businesses.”

He said BPI appreciates SMEs growth plan and ensures they dive deeper into their operations.

One of the entrepreneurs, Nomonde Sambakunsi, who is a fashion designer, commended BPI for the engagement, saying it was an eye-opener.

“Despite providing financial assistance, they have also provided direction on how one can grow their business. This is one of the aspects that we as business people miss,” she said.

In his presentation during the meeting, Kafwamba outlined his firm’s commitment to improving the lives of entrepreneurs.

Since January this year, the firm has approved K2.9 billion investments and disbursed K1.6 billion to entrepreneurs.

The firm has also approved K164.5 million technical assistance loans and disbursed K73 million and with these interventions, it has created and sustained 332 jobs, according to Kafwamba.

“We are a risk financier because we fund where others would not because of lack or nature of securities offered and also lack of own contribution or where the industry is regarded as risky,” he said.

Some of the businesses the firm funds include commercial property development/purchase, manufacturing, retail, education, health, tourism, green energy and services such as information technology.

The firm offers financing ranging from K100 million to K1 billion.