National Bank of Malawi (NBM) has introduced a new product dubbed ‘Step Up Entrepreneur’ aimed at providing start-up capital loans for budding entrepreneurs.
The new product was launched at NBM Headquarters in Blantyre on Thursday at an event that was attended by youthful entrepreneurs.
Speaking during the launch, NBM Head of Retail Banking Oswin Kasunda, said they decided to introduce the product, to give budding entrepreneurs a chance to boost their businesses without facing hurdles.
“The product is targeting the youth between the ages 21-35 who are into entrepreneurship. We discovered from our interaction with the youth last year, that most of them have great ideas but lack capital due to complex processes to access bank loans. As a bank of the nation, we have decided to give them a hand as a way of supporting their business growth,” he said.
National Youth Council of Malawi (NYCOM) Business Development Officer, Peter Yakobe commended the bank for the initiative saying the issue of raising capital for businesses has been a stumbling block for most young entrepreneurs in the country.
One of the entrepreneurs running an advertising agency, Ausa Kamanga asked NBM to live to its word.
“As a budding entrepreneur, it becomes a burden going through complex processes that also require a lot of money. Otherwise, this is a good product for us young hustlers,” she said.
According to Kasunda, the product has a lot of good things to offer and urged the young entrepreneurs to visit their branches to get more information.