By: Thoboloko Ntšonyane
MASERU
BAM Group Foundation (BGF) has announced that it has set aside small grants to give youth and small businesses a fighting chance to succeed. BGF is the philanthropic arm of BAM Group of Companies, dedicated to empowering communities, eradicating poverty, and promoting Lesotho.
BGF’s Ambassador, Hon. Tšepang Tšita-Mosena who also doubles as the Deputy Speaker of Parliament and Deputy Leader of MEC, said the target is to reach as many small businesses as possible by year-end.
When asked about the inspiration behind this initiative, Mosena explained that: “There are programmes aimed at fostering economic growth among women and young people, yet there hasn’t been much traction for youth. Youth unemployment remains high with many graduates simply waiting to be hired. We want to shift this mindset and demonstrate that launching a business does not require vast sums of money.”
“Through these small grants, we aim to spark awareness and ignite creativity. By showcasing how others are succeeding, we hope to inspire young people to take action. This initiative is not just about funding, it is about changing perspectives, encouraging self-reliance, and transforming employment prospects across the country.”
She spoke about foreign factors such as ongoing wars, the impact of the United States Executive Orders on freezing aid, highlighting how such have affected some individuals and could potentially contribute to a higher unemployment rate in the country.
She explained that the grant amounts to M1,000 per business “idea”, and operates as a revolving fund, meaning recipients must return the money within three months or sooner so that it can be passed on to other potentials.
Prospective recipients, whether aspiring entrepreneurs or those already in business, are required to present their business ideas on social media, where they are assessed for viability and profitability. Before funding any idea, they first ensure that the business has potential, visit the entrepreneurs, provide training, and monitor their progress.
BGF’s Ambassador further stated that the grants are open to any business, provided it is run by a Mosotho who can repay the money so that it can be given to someone else. In some cases, instead of providing cash, they may purchase stock for the recipients or facilitate processes. Unlike banks, which require collateral that youth normally do not have, these grants are accessible subject to conviction and potential. Although she mentioned that not all ideas will receive support, the goal is to fund those with the potential to succeed, to the extent that the fund can.
This comes at a time when many young entrepreneurs struggle to access capital, often facing barriers such as poor conception of business ideas, limited finances and difficult conditions attached. This support initiative aims to bridge this gap and give small businesses a chance to thrive despite these challenges. By the end of the year, their goal is to have circulated M200,000 among small businesses.
She emphasized, “We want Basotho to support one another. Through this initiative, a value chain in various sectors will hopefully be created, business ideas developed and nurtured further even if not for a grant, and supply chain will be developed, thus igniting hunger for business growth, to uplift the economy.”