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Namibia: Builder SMEs to Benefit From Joint Venture
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New Era (Windhoek)
13 May 2008
Posted to the web 13 May 2008
Windhoek
First National Bank and Pupkewitz Megabuild will mentor SMEs in the building industry through a training programme specifically designed to transform them into excellent entrepreneurs.
The two institutions signed a memorandum of understanding under which First National Bank (FNB) will extend credit facilities to builders and guarantee the payment of materials purchased at Pupkewitz Megabuild.
Pupkewitz Megabuild will, on its part, provide training in building and financial management, and extend credit accounts. Builders are going to be selected on an annual basis with 10 builders selected for this year.
"This memorandum is about two trusted partners that identified an opportunity in the housing sector to design a training programme to assist selected upcoming builders to shape their skills, while FNB Namibia agreed that these builders access credit facilities from Pupkewitz Megabuild with payment guaranteed by FNB," said Leonard Haynes, Chief Executive Officer of FNB Namibia.
Haynes said the whole programme is intended to empower small entrepreneurs in the building industry further and grow their careers, as well as to grow the Namibian economy simultaneously.
Harold Pupkewitz, the Executive Chairman of Pupkewitz and Sons, said the two institutions "decided to take each other's hand and create a situation that will benefit a number of people".
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"[Pupkewitz Group] have been doing this since the early 1940s, when a farmer with two sons would approach us to give employment to one of them as only one son could inherit the farm. In this way, we have trained a number of young people who have gone on to start their own businesses. A larger percentage of them, I would say about 90 percent, have done well for themselves," said Pupkewitz.
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