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SMEs tipped to form groups

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By Chimwemwe Mangazi:

The Africa Agribusiness Academy (AAA) has tipped small and medium enterprises (SMEs) in the country to form groups and work together in mobilising financial resources to grow their businesses.

This follows a training workshop the AAA held in Lilongwe recently for SMEs in the agribusiness sector to help them establish relationships with potential investors, regardless of their company’s stage of development or capital needs.

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The SMEs have, meanwhile, formed a local chapter of AAA.

Kenyan business expert, Joseph Mulupi, who conducted the training said it was aimed at supporting SMEs to understand the essentials of preparing themselves to access finance.

“The training was designed to guide SMEs develop the relevant documents and tools needed to successfully engage investors. SMEs should have a complete understanding of investor pitch deck and funding toolkit and preparing their seed and growth fundraising round,” Mulupi said.

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One of the participants, Thom Nyirenda, said the training was an eye-opener, stressing that it touched on pertinent issues they face.

“It was a wake-up call for my business. I did not know how to be investor-ready before this training opened my eyes,” Nyirenda said.

Lack of working capital and poor access to finance remain some of the major challenges facing SMEs in Malawi.

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