Business Angel Fund in Namibia Receives a boost

A Business Angel Fund in Namibia recently received a welcome boost from. Business Angels who are often wealthy individuals or organisations who get involved with new or growing businesses by both investing needed capital and contribution to the knowledge, contacts and expertise available to the business have been steadily growing in both Namibia and South Africa. The Business Angel Fund as its officially known in the country received the donation from the Bank of Namibia as recognition for the contribution it has been making towards entrepreneurship and small firms within the country.

This article recently from the Namibian Economist:

THE Development Bank of Namibia (DBN) and its small and medium enterprise (SME) funding partners, Bank Windhoek and First National Bank of Namibia, recently donated N$36 400 to the Business Angel Fund, established to recognise and reward outstanding entrepreneurship.

Exhibiting SMEs who showcased their goods and services at the Expo paid a registration fee of N$150 each, which amounted to a N$9 100 in total. Each of the three banks matched this amount, bringing the amount to N$36 400.

Joy Sasman, Corporate Communications Manager of the DBN, said the three financial institutions decided to support the Business Angel Fund because of the direct positive impact it has on SMEs that demonstrate the abilities to grow business and create employment. She added that the DBN supports the fund as it is in line with the bank's mandate to support enterprise development initiatives.

Administrator and founder of the Business Angel Fund, local firm SMEs Compete, provides assistance and support for income growth and job creation in the Namibian SME sector. According to SME Compete Director, Danny Meyer, the primary objective of the firm is to improve entrepreneurial, management, marketing and information technology skills of SMEs in Namibia.

The Business Angel Fund solicits donations of discarded goods and equipments from corporate firms and other benefactors. At times funds are donated, which are then used to purchase equipment.

SMEs Compete collects and distributes the donated furniture, computers, printers, tools and equipment to carefully selected SMEs throughout Namibia. Financial contributions are used to purchase much needed business equipment which is then donated to entrepreneurs.

Meyer says donations by the Business Angel Fund to entrepreneurs are used as a reward for extraordinary business performance. They also serve as incentives to growth-dedicated SMEs with a high potential to create employment. Transportation and related administrative costs are carried by SMEs Compete as its contribution to the Business Angel Fund.

Copyright © 2009 The Namibian.

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Business Angels in South Africa are increasingly becoming a more popular business funding option for entrepreneurs and it seems that the same is happening in Namibia. If you are a small business in Namibia who have recently benefited from Business Angel involvement, please get in touch.

This post was written by: Franklin Manuel

Franklin Manuel is a professional blogger, web designer and front end web developer. Follow him on Twitter