Chronicle Editor
Business Writer
STANBIC Zimbabwe’s “Rise Above Incubator Programme” for small to medium enterprises (SMEs) has come full circle with three start-ups poised to receive business loans after coming tops during the three-month exercise.
The three were part of a group of 15 SME owners drawn from various sectors of the economy who underwent a three-month intensive training and capacitation programme.
The Rise Above Incubator Programme identified start-up entrepreneurs and took them through a three-month training exercise on how to run a business efficiently and contribute to national employment and economic growth targets.
Location intelligence company, Injector Analytics, manufacturer of solar-compatible induction cookers, Green Orange Renewable Power Technologies (GOPT) Appliances and construction and hardware products supplier, Rubicon, were first, second and third respectively.
The three businesses excelled above the rest in the programme and are now poised to secure loans from Stanbic Bank, which ran the programme as part of its commitment to uplift SMEs and steer them to sustainable operations.
Stanbic Bank’s head of enterprise banking, Auxilia Kambasha, said the institution will now work on assisting the three enterprises to capacitate them in their different areas of needs.
“The 15 enterprises went through a comprehensive training programme that included modules on financial literacy, managing personal funds and how to run a business properly,” she said.
“We are confident that the three winners are now in a position to utilise the funds diligently enough to not only pay back, but get a meaningful return on their investments.”
Kambasha said 598 applicants from all sectors across the country responded to the call for applications when the programme was launched in February, culminating in the 15 being selected to undergo the three-month training programme.
“There is so much potential in the small to medium enterprises sector and this programme is helping us to handhold them and shepherd them through the early stages of their operations.
“Stanbic Bank is partnering with them for growth and there is scope to do more similar programmes,” she said.
Kambasha said the programme helped Stanbic Bank have a better understanding of the SMEs’ needs, enabling the institution to tailor-make initiatives that effectively solve the challenges they face.
Injector Analytics representative, Mr Tinashe Melvin Mpofu, said they were delighted to have come first ahead of 14 other highly innovative enterprises.
“We are so grateful to Stanbic Bank for this life-changing opportunity. We were equipped with information about how a proper business operates and how to put proper operational systems in place,” he said.
GOPT Appliances founder, Bernadette Tuso, said the programme afforded beneficiaries a holistic picture of how a business is run touching on areas such as human resources, accounting and finance, as well as marketing.
“The programme was so enlightening so much that there is a consensus from all participants that our businesses are going to grow significantly,” she said.
“Stanbic brought qualified technicians who taught us the different aspects of running a business.”
Rubicon founder, Farai Musendo said it was fitting that the training took place during the introduction of the ZiG currency as the entrepreneurs were taught how to operate under the ever-changing economic environment.
The incubation programme covered topics such as business modelling and feasibility analysis, needs assessment, legal and governance and business financials.
Online Reporter