The Development Bank of Namibia (DBN) has started a new campaign to help more young people know about and get access to business loans for small and medium enterprises (SMEs).
The campaign is focused on encouraging youth under the age of 35, including skilled workers and young professionals, to apply for funding through DBN’s Skills-Based Finance program. This program was created to support young people with technical skills who want to start or grow a business.
Last year, DBN approved N$74.6 million in loans for SMEs, but only N$170,000 of that went to youth under the skills-based finance program. So far this year, DBN has approved two youth SME loans worth N$1.25 million — including the first-ever youth loan in the Zambezi Region.
Jerome Mutumba, DBN’s Head of Marketing and Corporate Affairs, said it’s concerning that very few young people are making use of these opportunities. “Namibia has a high youth unemployment rate, and we have put in place funding products that are meant to help young people, but the response has been slow,” he said.
To reach more young people, the bank will promote the campaign through regional visits, online platforms, public events, and partnerships with other groups.
The bank says this effort is part of a bigger plan to support youth-led businesses and reduce unemployment in the country.
