STANDARD Lesotho Bank, Basotho Enterprise Development Corporation (BEDCO), and the Revenue Services Lesotho will provide M1.4 million for this year’s Bacha Entrepreneurship Project. This was announced by the BEDCO CEO, Lemphane Lesoli, at the 2024 BEP launch in Maseru on Tuesday. The fund will be distributed among five aspiring businesses that will benefit from the project this year.
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“This is to indicate significant opportunity for individuals to show innovative ideas and turn their dreams into reality,” Lesoli said.
BEP is a joint venture between Standard Lesotho Bank, Revenue Services Lesotho (RSL) and BEDCO. It was introduced in 2014 to bring a positive change and create opportunities for aspiring entrepreneurs.
Lesoli said with an investment of M8.8 million, they have supported the dreams and ambitions of over 28 businesses while at the same time providing employment to over 103 young individuals.
The call for proposals was opened to all industries until June 28, 2024.
All the industries countrywide are invited to submit their proposals.
“Whether you are passionate about agriculture, tourism or any other sector, we invite you to submit your innovative ideas,” Lesoli said.
“This is your chance to turn your vision into reality to ensure your creativity and contribute to the economy of this country,” he said.
“Your ideas have the power to shape our future and create positive change within our community. Let’s redouble our efforts to empower our aspiring entrepreneurs.”
Manager of Public Relations at the RSL, Tšepang Mncina, said the proposals will be taken for screening to select those who qualify and those who do not.
Then the panel of adjudicators will assign those proposals to shortlist 50 people.
The 50 people will have to draw their proposal because some people know nothing about their ideas and who their markets will be.
After that they will be trained so that they can be good at writing effective business proposals.
The proposals will be back to the adjudicators to adjust the top 15 that will go through pitching and psychologic tests to see if they are real entrepreneurs.
The top five will be selected and awarded a sum of M1.4 million.
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