Maseru – Standard Lesotho Bank (SLB), Basotho Enterprises Development Corporation (BEDCO), and Revenue Services Lesotho (RSL) have unveiled this year’s edition of the Bacha (Youth) Entrepreneurship Project (BEP).
This M8.8 million initiative, now in its second year, aims to inject seed capital, mentorship, and resources into the ventures of aspiring young business owners across various sectors such as tourism, technology, and agriculture. The BEP is dedicated to empowering the next generation of Basotho business leaders by providing crucial financial assistance, business development training, and a network of seasoned professionals.
Designed to support the creation and expansion of youth-led businesses, the project focuses on job creation and driving economic growth in Lesotho. The application process, which opened on Tuesday at the launch event, will remain open until June 28, 2024. Interested young entrepreneurs are encouraged to reach out to their local branches of SLB, BEDCO, or RSL for more information.
Successful applicants will benefit from a range of support services, including business planning workshops, financial management training, and mentorship opportunities. With the combined expertise and resources of SLB, BEDCO, and RSL, the project aims to make a significant impact on the lives of aspiring entrepreneurs and the broader community.
Lemphane Lesoli, BEDCO’s Executive Head of Enterprise Development, highlighted the M8.8 million investment in the project and announced plans to select five promising entrepreneurs this year. Representatives from SLB, BEDCO, and RSL underscored the importance of fostering entrepreneurship to combat the high youth unemployment rate in Lesotho.
“We are the driving force behind our nation’s economic growth, and it is up to us to create the change we wish to see,” said SLB’s Head of Business and Commercial Clients, Keketso Makara.
Makara further portrayed that the Bacha Entrepreneurship Project represents an opportunity for the nation’s young talent to take ownership of their financial futures and play a vital role in shaping the country’s economy. By investing in the next generation of entrepreneurs, they are not only creating jobs but also fostering a culture of innovation that will drive Lesotho’s economic prosperity for years to come.
The pilot edition of the BEP, held last year, successfully assisted five young entrepreneurs who have since made significant strides in their respective industries, creating jobs and contributing to the economic development of Lesotho. With this year’s enhanced support and resources, the BEP is poised to further elevate the entrepreneurial landscape in Lesotho, driving innovation and growth across the nation.
