chalane phori 2

Basotho to Access Funding – Phori

Maseru – The Minister of Small Businesses Development, Cooperatives and Marketing Honourable Chalane Phori says the Ministry has been awarded 10 Million Maloti of the Partial Credit Guarantee Scheme Fund, which will be accessible for Basotho through Lesotho Post Bank.

Addressing the press in Maseru on Friday, Honourable Phori said out of the 50 Million Maloti awarded for the Fund over three years ago, 35 Million Maloti has already been used and 240 businesses have benefited.

He said out of the remaining 15 Million Maloti, Basotho will access the 10 Million Maloti through loans, and emphasised that the money will be used to promote businesses in the country with the main focus on Small Medium and Micro Enterprises, adding that applications will be accepted from every Mosotho in small business, and the selection process will be transparent.

The Ministry’s Principal Secretary Mr. Lerata Pekane said the model is only a pilot and if it is successful, more funds will be requested so that more Basotho can benefit from the Scheme, and appealed to Basotho who have had access to the Fund to repay their loans to ensure effective circulation of the money, as well as the development of the country’s economy through improved businesses. Lena

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