Barclays And LEA Partner To Support SMMEs

GABORONE - Local Enterprise Authority (LEA) has partnered with Barclays Bank to assist Small, Medium and Micro Enterprises (SMMEs) to secure funding. Speaking at a seminar aimed at equipping business people with knowledge and expertise on how to operate successful businesses, Ms Cynthia Ketshabile of LEA said her organisation had signed memoranda of understanding with key stakeholders, the latest being Barclays Bank. LEA had also signed agreements with First National Bank and Citizen Entrepreneurial Development Agency (CEDA) with the aim of making access to funding easier for SMMEs, she said. Ms Ketshabile said LEA was responsible for the promotion of policies and programmes aimed at ensuring the success of SMMEs, adding that they offered assistance to businesses in the three key sectors of manufacturing, tourism and agriculture. Their main targets, she said, were women, the youth and the unemployed in whom the organization endeavoured to build competencies in quality and efficiency in operating businesses through the promotion of an entrepreneurship culture. LEA offers among others; assistance with drawing up of business plans, provision of advisory services and mentoring, identification of export potential and promotion of business linkages. Another speaker, Ms Dineo Saleshando of Barclays Bank stressed the importance of providing all the necessary documents upon application for financial assistance to ensure a speedy response. She said requests were often declined because of the entrepreneurs failure to meet the requirements laid down for submission and processing of applications. Ms Saleshando said applications must be accompanied by evidence of a good track record, availability of good tangible security and managements ability to run a successful business. In addition, the proposal must show the business cash generating capacity, she said. Mr Perry Bellos, another Barclays Bank official, said he was responsible for helping clients to be more accurate when applying for funding taking into consideration costs relating to transportation, insurance and the general running of the business. Mr Bellos further emphasised the need for entrepreneurs to engage in an ongoing dialogue with their potential customers so as to better understand their needs.