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Fight poverty by taking out loans – DBN to Zambezi entrepreneurs

The Development Bank of Namibia (DBN) urges entrepreneurs in the Zambezi region to take advantage of its loan and mentorship programmes.

This as low loan uptake is contributing to persistent poverty in the area.

DBN spokesperson Jerome Mutumba says there is a low uptake of DBN loans in the region, compared to other parts of the country, which increases poverty.

Mutumba said this at a Katima Mulilo school recently, to which the DBN pledged N$100 000.

He said last year, the DBN financed business loans worth N$1.5 million for the Zambezi region alone.

The low uptake has increased poverty levels in the region, with many people lacking the spirit of entrepreneurship compared to other regions, he said.

Mutumba emphasised that the DBN offers youth entrepreneurship programmes that require no security and collateral.

“We have lowered the standard of accessing finance. Aside from money, the bank offers coaching and mentoring to young entrepreneurs with business ideas but who do not have the skills to run a business.

“The bank can put you through a programme to develop the necessary skills to run the business,” he said.

Mutumba appealed to the region’s residents to take advantage of the various products the bank offers.

“We want to see an uptake of business people’s applications coming from all parts of the country, specifically the Zambezi region. Through that we can work together to create opportunities that improve the quality of the lives of our citizens.”

Mutumba said residents should collaborate with institutions like the Namibia Chamber of Commerce and Industry.

He noted that the low uptake of DBN loans in the Zambezi region has compelled the bank to supplement it with meaningful social corporate responsibility towards education.

The DBN two years ago donated N$500 000 to build classrooms at Maunga Primary School, and N$1 million to address the needs of Cheshire Home.

The bank also recently donated N$100 000 to Caprivi Senior Secondary School towards hostel bedding.

“Through all these, we are enhancing our visibility and leaving our mark,” he said.

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