Letsatsi Selikoe
IN a joint effort to support young entrepreneurs and address youth unemployment, Standard Lesotho Bank (SLB), Basotho Enterprises Development Corporation (BEDCO), and Revenue Services Lesotho (RSL) have launched this year’s edition of the Bacha (Youth) Entrepreneurship Project (BEP).
The second edition of this M8.8 million collaborative initiative aims to provide seed capital, mentorship, and resources to aspiring young business owners in Lesotho, with a particular focus on encouraging innovation across various sectors such as tourism, technology, agriculture and more.
The BEP seeks to empower the next generation of Basotho business leaders by offering financial assistance, business development training, and access to a network of experienced professionals.
The project is designed to support young entrepreneurs in starting or expanding their businesses, creating jobs, and driving economic growth in the country.
Applications for the BEP were opened on Tuesday during the launch and close on 28th June 2024. Interested young entrepreneurs are encouraged to contact their local branch of SLB, BEDCO, or RSL for more information.
Successful applicants will have access to 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 is poised to make a tangible impact on the lives of aspiring entrepreneurs and the broader community.
Speaking at the launch event, BEDCO’s Executive Head:Enterprise Development, Lemphane Lesoli, said M8.8 million had been invested in the project, with plans to select five upcoming entrepreneurs this year.
Representatives from SLB, BEDCO, and RSL emphasized the importance of fostering entrepreneurship as a means to tackle the high unemployment rate among young people in Lesotho.
By providing much-needed resources and guidance, the BEP seeks to equip aspiring entrepreneurs with the tools they need to succeed in today’s competitive business landscape.
“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.
“The Bacha Entrepreneurship Project represents an opportunity for our 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, we are not only creating jobs but also fostering a culture of innovation that will drive Lesotho’s economic prosperity for years to come.”
Through the pilot edition held last year, the project has assisted five young entrepreneurs who have gone on to make significant strides in their respective industries. These individuals have not only created jobs but also contributed to the over
