Most Small and Medium Businesses Not Benefiting From NEEF - MHub
The Mzuzu Entrepreneurs Hub says it is worrisome to note that most macro small and medium enterprises are failing to access loans from the government-funded, National Economic Empowerment Fund - NEEF, a development that is hindering their development.
This was disclosed at a 2022 Business Market Exposition that took place in Mzuzu on Friday, this week.
The event Organizers Mzuzu Entrepreneurs Hub said it is important for youths to showcase their businesses and be recognized through such programs.
Project Manager for the Hub, Austin Moyo said most Youth entrepreneurs are not appreciated despite that they are contributing to the country’s Gross Domestic Product with almost 8.2 billion kwacha.
However, Moyo said despite such contribution many youths who own small and medium enterprises are failing to easily access NEEF loans, an issue that affects the growth of their businesses.
Said Moyo, ``‘So if you look at the contribution small and medium enterprises are bringing to the country of Malawi, you look at the market share that they have, it is something that is not recognized.
Concurring with Moyo Principal Secretary in the Ministry of Youth Oliver Kabambe says most youths are perceived as drug and substance abusers as such seeing some youths engaging in businesses is an encouragement.
‘It has been an impression of most people that wherever you would find youths there would be drug abuse, but what we are seeing in Mzuzu, you’d see that the youths here are very innovative and are very creative’ Says Kabambe.
One of the exhibitors, a Photographer Tina Kumwenda, has applauded the event saying it is one way of putting her on the map as most Malawians are not used to the idea of female photographers a mindset barrier she is willing to break.
The 2022 Business Market Exposition seeks to promote quality and innovation by enhancing medium-stage entrepreneurs’ competitiveness and post COVID-19 recovery.