Rotary Club of Blantyre moves to offer loans to entrepreneurs

The Rotary Club of Blantyre in partnership with the Pocatello Rotary Club of Idaho, United States of America, will provide startup loans to entrepreneurs to support local businesses and communities.

To be eligible for the loan through the Entrepreneurs Against Poverty project, entrepreneurs should engage in training sessions to prepare for participation in the Shark Pond contest.

Speaking after the pitch presentation in Blantyre on Friday, Rotary Club of Blantyre president Grace Austin said the loans are open to all Malawians operating businesses and in need of financial support.

She said: “We offer training sessions for entrepreneurs on managing finances, tracking expenses and cash flows. Following the training, participants are invited to present their pitches.

“Through this project, eligible individuals will have access to loans from a minimum of $1 000 [about K1.7 million] up to the amount necessary for their viable business activities.”

Austin said the trainings are instrumental in enabling the club to assess whether loan recipients will have the capacity to repay.

One of the participants, Shirley Nandolo, who runs a fashion design business in Blantyre, said the loan will boost her business.

“With this support, I aim to expand my business and eventually open a shop offering a variety of clothing options,” she said.