Standard Lesotho Bank Announces Finalists for the COVID 19 Entrepreneur Support Competition
Standard Lesotho Bank has announced ten businesses that have made it to the list of finalists for the Entrepreneur Support Competition launched on 17th September. The ultimate winners stand to win a share of M600,000 in prize money that is intended to boost their businesses to mitigate the impact of the Covid 19 pandemic. Winners will be announced live at a televised show – Seotlong on Lesotho Television on Thursday 9th December, 2020.
The Bank launched this competition to lend a helping hand to fully Basotho owned businesses that have been impacted negatively by Covid-19 in order to keep their businesses opened. The intention of the competition is primarily to provide financial support to enable businesses to revive business activities, and also position them for success as economic activities gradually go back to normal following the latest announcements by the Prime Minister on the status of the pandemic in the country.
The competition forms part of the Bank’s initiatives to bring to life the new brand positioning of IT CAN BE, which is premised on how the Bank continues to find new ways to make Basotho dreams come true. It also doubles as a commemorative event to mark the 25th anniversary of Standard Lesotho Bank. The prizes in this competition are not a loan, but capital grants that will be monitored to ensure that winning businesses survive the Covid-19 pandemic and grow.
The competition was open to businesses that are fully owned by Basotho nationals who are either sole proprietors, companies, partnerships or cooperatives that have been in operation for a minimum of three years and employing over three employees. About 182 entries were received throughout the country in the categories of retail, manufacturing, agriculture, services, food supply and infrastructure.
“As a Bank, we are excited that Basotho businesses, including those that do not bank with us heeded the Bank’s call as it extended support to drive the economy. I strongly believe that this competition will ignitethe power of dreams within entrepreneurs, and inspire hope in the business community, that despite the challenges, indeed, IT CAN BE.” Says Mr. Manyathela Kheleli, the Acting Head of Marketing. Kheleli added that in this year alone, the Bank has also spent over M2.4 million in Covid-19 initiatives on entrepreneurship, the health sector and food security. Moreover, the Bank has provided Covid-19 debt relief for businesses and individuals amounting to over M624 million to account holders who had existing loans with the Bank.
Standard Lesotho Bank was established in 1995 in a merger between the former Lesotho Bank and Standard Bank. With the asset book in excess of M9.2 billion, Standard Lesotho Bank commands over 50% of the marketshare and remains the number one Bank in Lesotho by assets and profit, and the most recognised financial services provider with representation in all the districts of the country.
