Various organisations on Monday pledged financial support to the Erongo Development Fund (EDF) Micro Finance Credit Scheme.
The credit scheme is the fifth project under the EDF which was started in 2008 by the Erongo Regional Council (ERC), with Rössing Uranium and Bank Windhoek as first partners, to promote and facilitate development projects in the region.
The donation of N.dollars 435 000 was made at the launch of training for 80 beneficiaries, who will receive business loans from the scheme.
Swakop Uranium donated N.dollars 200 000; Areva Namibia and Erongo Regional Council gave N.dollars 100 000 each; Bank Windhoek pledged N.dollars 25 000, while Bannerman Resources availed N.dollars 10 000.
Speaking at the event, EDF Chairperson Asser Kapere said 210 small businesses benefited from the micro finance scheme so far.
This assist them to get funding from banks by providing security, collateral and creditworthiness.
“The primary goal of the EDF is to advance funding to projects that have quantifiable social, cultural and economic benefits to residents and communities of Erongo,” said Kapere.
Other projects under the EDF are the Erongo House of Safety which is a shelter for vulnerable children, Burial Fund for unclaimed bodies, Micro Enterprises Support Grant as well as the Apprenticeship Bursary Scheme.
Also speaking at the launch, ERC Chairperson Hafeni Ndemula advised the 80 beneficiaries to make better use of the opportunity, not only to help themselves become businesspeople but to help their respective communities.
“We should be self-reliant and create job opportunities to those that would not be able to obtain assistance such as this. We should be innovative and outcome-driven,” Ndemula said.
The five-day training is facilitated by the Namibia University of Science and technology’s Centre for Entrepreneurial Development.
It focuses on the development of business plans, costing and pricing of goods and services, calculation of tax and Value Added Tax, marketing and networking skills and customer care, amongst others.
Other EDF partners are Swakopmund Municipality, Nedbank, Langer Heinrich Uranium mine and various fishing companies.