Development partners have launched the Growth Accelerator (GA) Malawi for Cohort 9 and 10 which target businesses that offer technology solutions and women entrepreneurs.
Through the programme, which is being implemented by United Nations Development Program (UNDP) funded by the Germany government, entrepreneurs with successful business ideas will get technical mentorship and a grant for scaling up their businesses.
Speaking at the launch in Lilongwe on Wednesday, German Ambassador to Malawi Ute Konig said through the double cohorts, successful entrepreneurs will get up to $40 000 (about K70 million) grant for business growth in line with the country’s long-term development agenda of Malawi 2063.
Konig said: “So through the accelerator, successful entrepreneurs will get a good package of training, of mentorship and they will be able to also get finance. They can get up to $40 000 as grants if their business idea succeeds.
“So we are making a call for proposals, people can apply for GA and they have to submit their business plans papers until 2 May 2025.
Launched in 2018 in a partnership between the UNDP and the Royal Norwegian Embassy, the program offers this financing in partnership with the German Development Bank (KfW).
UNDP Resident Representative Fenella Frost said investing in the private sector will be the key to reducing poverty and creating wealth in the country’s economy stressing that investing in women is a smart economics.
She said: “Small and Medium Enterprises face a series of challenges such as high borrowing costs. We hope that the accelerator provides a low-cost financing option to propel business growth.”
During the launch, Daniel Chiumia who benefited from Cohort 6 said his ‘Chiweto company’ which offers extension services to livestock farmers using mobile App has managed to grow its profit 16 times.
“I encourage the youth to try to utilize this opportunity because for my business, I received $40 000 dollars, which coupled with proper mentorship, we have transformed it and grown our revenue base significantly,” Chiumua said.
Also present during the launch was the United Nations women representative for Malawi Letty Chawara.
Since 2018, when the program was launched, it has supported over 70 business ventures and the main target is to facilitate successful businesses, job creation and improved farmers and community lives.
The GA Entrepreneurship Challenge was launched in 2018 in partnership with the UNDP and the Royal Norwegian Embassy and Growth Accelerator Malawi.
