Moroke Sekoboto
FIVE youth-led businesses have received approximately M200,000 each through the Bacha Entrepreneurship Project (BEP) to enhance their operations and foster growth.
BEP is a collaborative initiative by the Basotho Enterprises Development Corporation (BEDCO), Revenue Services Lesotho (RSL), and Standard Lesotho Bank (SLB).
It aims to empower unemployed youth aged 21 to 35 years, holding LGCSE/COSC certificates or higher qualifications, by providing them with business funding.
Since its inception in 2014, the Bacha Entrepreneurship Project has supported 188 young entrepreneurs, created 103 jobs, and invested over M4.9 million in the fight against unemployment in Lesotho. The 10th cohort saw five startups emerge as winners from 15 finalists, receiving a total of M1 million to scale their businesses and create job opportunities for unemployed youth.
The winners include Agromoth, which received M187,457; Med-IQ, which was awarded M199,433; Setilo & Sons Lintel Manufacturing, which secured M198,500; ‘Mabatho Farms, which received M200,000; and Kabo Farmyard Fertilizers, which was granted M161,896.
RSL Commissioner General, ‘Mathabo Mokoko, described the event as a celebration of innovation, resilience, and the entrepreneurial spirit that fuels economic growth and job creation in Lesotho. She emphasized the importance of collaboration in achieving a prosperous future and empowering Basotho entrepreneurs.
“This initiative is a testament to the power of collaboration and innovation in driving economic growth and fostering entrepreneurship in Lesotho. Today, we proudly award seed capital to five new startup businesses, marking a significant milestone in the journey of BEP. With this cohort, the total number of funded businesses rises to 33, reflecting our unwavering commitment to supporting the dreams and aspirations of Basotho entrepreneurs,” Adv Mokoko said.
She added: “Since its inception, BEP has injected an impressive M8.8 million in seed capital into the development of new businesses, creating over 200 jobs and contributing meaningfully to the livelihoods of our people.
“The project boasts an 82% success rate, with only five businesses having closed their doors out of the 28 previously funded. This remarkable achievement is a testament to the resilience and determination of our entrepreneurs and the strength of the support systems we have built around them.”
Adv Mokoko also expressed gratitude to BEP’s partners for their role in monitoring funded businesses and ensuring resource efficiency.
“Our mission extends beyond revenue collection. By investing in the development of businesses through initiatives like BEP, we are not only expanding the tax net but also making a meaningful impact on the economy. Entrepreneurs supported through this program drive innovation, create jobs, and contribute to a stronger, more resilient economic foundation for our nation,” she added.
SLB Head of Business and Commercial Clients, Keketso Makara, underscored the initiative’s role in addressing youth unemployment and fostering innovation.
“The Bacha Entrepreneurship Project provides a platform for talented youth to contribute to economic growth and address unemployment. 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,” Mr. Makara said.
He reiterated SLB’s dedication to empowering youth to become job creators and economic drivers. “As the leading commercial bank in Lesotho, we are committed to offering services that spur economic development. Empowering the youth and investing in their dreams is vital to transforming lives and building our country’s future,” he added.
BEDCO Acting CEO, Tšepang Tlali, reflected on BEP’s impact over the years.
“This project has funded 33 businesses and mentored 205 entrepreneurs. We don’t just inject money and leave; we nurture these startups through mentorship and capacity building,” he said.
Minister of Gender, Youth, and Social Development, Pitso Lesaoana, commended the project and encouraged the winners to seize the opportunity to expand their businesses.
“This initiative addresses the pressing challenge of unemployment by fostering the entrepreneurial spirit of our youth. Winners and participants, I urge you to focus on growing your businesses to transform not only your lives but also contribute to our country’s development. Together, we can work collectively toward Lesotho’s progress,” Mr Lesaoana said.
