22 Apr 2014

As part of a long term investment and upliftment of the livelihoods of the Boteti community, Karowe Diamond Mine through Lundin Loan Scheme funded seven small businesses to the tune of P1 million in 2013.

The mine's general manager, Mr Gerald Ndlovu said in an interview that the small business funding scheme was part of the company’s corporate social investment (CSI) aimed at empowering the community of Boteti by encouraging the spirit of entrepreneurship.

Mr Ndlovu said when the mine started in Boteti, the community expected to benefit a lot through short and long term employment but unfortunately, the mine could not absorb a large number of job seekers.

He said the aim was not only to provide job opportunities but other interventions that would help sustain their livelihoods and live behind a long and lasting legacy.

Mr Ndlovu said the mine had a cordial working relationship with the Boteti community adding that where possible they offered the residents from neighbouring villages first priority when employment opportunities become available.

Giving a comprehensive briefing on the Lundin Loan Scheme, Karowe Diamond Mine safety health environment and community relations manager, Mr Herbert Kebafetotse said the scheme aimed at reaching out to disadvantaged members of the Boteti community and encouraging them to start up sustainable business projects.

Mr Kebafetotse said the scheme would cover a gap that existed in the business sector, as the lower income group of the society would be offered affordable loans at a lower interest of 11 per cent.

“All we want is to make a positive mark on areas like Boteti where we had established business ventures, he said.

He said the scheme focuses on enterprises with the potential to grow and could sustain themselves in the highly competitive business industry.

Mr Kebafetotse said the seven funded projects include amongst others, a bakery, salon, brick moulding project, food catering and a tent hire.

He however said since its inception in March 2013, Lundin Loan Scheme faced challenges such as dealing with a large number of applications received, which some are a duplication of projects already operational with a saturated market.

When Lundin Loan Scheme started, it worked hand in hand with Local Enterprise Authority (LEA) to assist in mentorship, but they had since engaged an independent business development consultant to play the role of LEA and be devoted to the project.

He said to date they could offer only P140 000, adding that P40 000 being for operational costs and P100 000 for machinery.

The loans, he added are accessed through Barclays Bank.

Mr Kebafetotse has appealed to those who had benefited to service their loans so that more aspiring entrepreneurs can also benefit from the scheme.

He said one notable challenge includes some individuals who are willing to run businesses but cannot develop a business plan, adding that those encountering difficulties in drafting a business plan are being training by the business consultant.

Mr Kebafetotse said workshops are held to engage the community in identifying projects that could make it in the market.

He said even though the loan scheme is open to all people more emphasis and priority are given to marginalised members of the society like the youth and women. ENDS