Owners of Small and Medium Enterprises in the country (SMEs) have been urged to register their businesses with relevant authorities in order for them to access bank loans and register meaningful growth.
Speaking at a Business Entrepreneurship seminar in Blantyre over the weekend, Director for Creative Minds Martin Manyozo said most businesses in the country struggle to access bank loans because they are not registered.
Manyozo added that most SMEs in the country do not open bank accounts making it difficult for them to access bank loans.
“Most young entrepreneurs in the country are looking for bank loans for capital but they are not getting them. This is because they have not registered their businesses and that they don’t have bank accounts. We have therefore taken it upon ourselves to enlighten young entrepreneurs on the significance of registering their businesses and having business bank accounts,” said Manyozo.
On his part, Executive Director for Project Innovation Center PIC) Malawi, Kondwani Ngwira said business registration is crucial as it attracts business funders. He added that it is also important for young entrepreneurs in the country to insure their businesses in order to be secured from unforeseen eventualities. He encouraged young entrepreneurs in the country to know how they can compile business plans, proposals and bids saying they are crucial in running a business.
Also making her presentation during the Seminar was Mrs Dineo Mkwezalamba of Dzuka Africa Organisation who dwelled on some of the values the young entrepreneurs must embrace such as being innovative, hard work and endurance in order to excel.
One of the participants at the training, a third year student at the Polytechnic Saul Stanford who has passion for entrepreneurship hailed the business Seminar saying it was an eyeopener for him.
The business seminar which was attended by over fifty young entrepreneurs was organized for SMES in order to impart them with necessary skills for them to grow their businesses.
Creative Minds is a business consulting firm which was registered last year to train SMEs on how to run successful business.