The Old Mutual Foundation plans to invest N$800,000 to support grassroots entrepreneurs in Ohangwena, Zambezi, Oshikoto, and Kavango West regions.
This will be achieved through the third edition of the Foundation’s initiative called the Old Mutual Sustainable, Economic, and Empowerment Drive (OM SEED) programme.
The investment comprises N$400,000 allocated for operational expenses, with an equal amount earmarked for distribution among the top three winners.
Following successful initiatives in Erongo, Kavango East and Hardap regions in 2022 and 2023, the Foundation extends its reach to Ohangwena, Zambezi, Oshikoto, and Kavango West regions this year.
The selection of these four regions is strategic, aiming to promote entrepreneurship, generate local value and contribute to the achievement of the United Nations’ Sustainable Development Goals (SDGs).
Old Mutual Namibia Executive of Group Marketing, Public Affairs and Sustainability Mignon du Preez welcomed OM SEED Partners such as Financial Literacy Initiative (FLI), United Nations Development Programme (UNDP) and Basecamp onboard, stating with collaboration, they will be sowing the seeds of opportunity, resilience and hope.
“Application forms will be available at Old Mutual branches in the participating towns, as well as on the Old Mutual Namibia website. We eagerly anticipate witnessing how our grassroots entrepreneurs contribute to addressing the SDGs, particularly with less than seven years remaining until our expected achievement of these goals,” she said.
Patricia Olivier, MD of Corporate Segment and Chairperson of Old Mutual Foundation underscored the importance of fostering entrepreneurship in shaping Namibia’s future.
“Initiatives like OM SEED empower grassroots entrepreneurs, fostering inclusive and sustainable businesses that drive economic growth, create job opportunities, and facilitate community advancement. Together, we cultivate an entrepreneurial ecosystem aligned with the United Nations’ Sustainable Development Goals, paving the path for a prosperous Namibia,” she said.
Olivier emphasised that “as part of the selection process, a team from the Old Mutual Foundation will conduct visits to the businesses of the ten shortlisted entrepreneurs per town later this year. Through thorough evaluation and assessment, the top three candidates in each region will be identified as winners, receiving financial support and incubation assistance.”
In each of the four 2024 towns, three winners will be selected, with the first prize amounting to N$50,000, the second prize valued at N$30,000, and the third prize at N$20,000.
She added that these grants will serve as catalysts, empowering the winners to scale their businesses, generate more employment opportunities, and make significant contributions to Namibia’s economic growth and development.
The Old Mutual Foundation invites all aspiring entrepreneurs in Tsumeb, Nkurenkuru, Eenhana, Katima Mulilo, and surrounding areas to seize this remarkable opportunity and submit their applications.
By harnessing the power of entrepreneurship and sustainable business practices, we can collectively work towards a brighter future for all Namibians.
