Caption: At the MoU ceremony are (from left) Mr Pesha Shale and Dr ‘Makatleho Matabooe from Bedco and MD of LSP Construction Andre Bothma as well as Mohlomi Rantekoa Financial Director LSP Construction.
MASERU- LSP Construction is to provide M750 000 per annum in the next five years to facilitate training of entrepreneurs and small businesses.
This was revealed during the signing of a Memorandum of Understanding (MoU) between LSP Construction and Basotho Enterprises Development Corporation (Bedco) on Friday.
LSP Construction is a locally registered company in the construction and civil works sector and Bedco is responsible for promoting small to micro and medium enterprises (SMMEs). Bedco is mandated to dictate the establishment and development of Basotho-owned indigenous entrepreneurs.
The pact between the two entities will aim to establish and develop Basotho-owned business enterprises so as to improve their operations and increase their contribution to the economic development of the country.
The agreement will see Bedco and LSP Construction embark on a programme to identify and select the indigenous Basotho-owned retail enterprises that will be assisted in supporting their retail businesses for sustainable growth.
At the signing ceremony, Bedco chief executive officer Dr ‘Makatleho Matabooe indicated that the collaboration between LSP Construction and Bedco would mainly focus on the indigenous Basotho owned retail businesses and street vendors, especially in the food industry.
“The business owners in these businesses will receive financial support and further be capacitated with management skills that are necessary for their business operations. Included in management skills for the street vendors will be hygiene issues as this is one other important aspect in the food industry,” she said.
She said assistance will be given to qualifying enterprises and street vendors to access information on franchising opportunities, hygiene and business best practices and also assist those selected enterprises to develop bankable business plans, assist enterprises to keep and maintain financial records
“As Bedco we will also monitor performance of enterprises included in the programme and also communicate with relevant stakeholders to find places where selector street vendors may operate from. Liaise with any other stakeholder or party that may be identified to play any role that may be suitable to support this initiative,” she said.
She also hailed LSP Construction for the initiative the company took in helping small businesses in the country.
“Social responsibility is one aspect that is not highly appreciated by large businesses in our country, and for you to have taken this initiative, we are truly grateful. Your participation in the development of SMMEs is highly appreciated as it also helps us fulfil our core mandate,” she said.