NBM Development Bank says support for small firms goes beyond loans

NBM Development Bank Limited has pledged to support small and medium-sized enterprises (SMEs) beyond lending, with a focus on the skills and knowledge they need to grow and last.

Acting General Manager Esnat Kamudoni said business support was a central part of the bank’s offer, as it helps firms overcome operating problems and strengthen their management.

She was speaking in Mzuzu after a two-day training workshop for 11 SMEs from across the Northern Region.

Kamudoni urged the participants to turn what they had learned into practical improvements.

“We have encouraged each of the participants to identify at least three things that they have learnt and commit to implementing them. They do not have to be major changes.

“Sometimes, small improvements in how they plan, manage their finances and make decisions can have a significant impact on business performance,” she said.

One participant, Daniel Munkhondia of Tavwane Farms, said the course had widened his understanding of business management and of the help banks can offer.

“Sometimes, without proper knowledge, we make wrong conclusions about services offered by banks, including loans and financing support. This training has opened our eyes to what we need to have to grow our businesses and unlock opportunities,” he said.

Munkhondia said basic disciplines such as record-keeping and proper business plans were easy to overlook but essential.

“Things that we take for granted, such as record-keeping and having proper business plans, are actually very important,” he said.

The course covered strategic planning, record-keeping, corporate governance, budgeting and financial management.