Select your Top Menu from wp menus
  • Instagram
  • TikTok
Shortcuts are no solution in business

Shortcuts are no solution in business

Maria David

ACCORDING to Tomas Koneka Iindji, the head of business banking at First National Bank, shortcuts will not help you succeed in business.

Iindji was addressing a meeting on the economic recovery loan scheme being offered by FNB during a meeting with the northern business community in Ongwediva on Monday.

Iindji emphasised that in any case, shortcuts don’t get anyone anywhere; they just leave people with issues.

Iindji noted that the distress of the economy started in 2016, but all hopes were shuttered in 2019 as a result of the COVID-19 outbreak.

Thus, the bank received N$150 million from the Bank of Namibia to assist the business community.

He stated that this fund is reserved for economic recovery schemes. “We should grow the economy, we should sustain jobs, and we should create jobs,” Iindji encourages.

“We shall make sure that every single dollar distributed by the bank is used for its intended purpose,” he said.

He added that they are obligated to support their business partners. Money is accessible on their end.

Local business people said they are happy about the economic recovery plan, adding that it is long overdue to thank FNB for doing their part.

Unfortunately, many of the companies had already shuttered their doors long before the coronavirus outbreak had any impact on them.

“We go to the bank, but still receive no assistance, because getting another loan is tough due to our arrears,” said one of the business owners.

In response, Iindji advises business owners who find themselves in distress, in this case due to arrears, to approach their banks for possible restructuring of their facilities.

He indicated that they are not in business to shut down businesses but to save them when there is an indicator for recovery in distressed ones.

Namibia Chamber of Commerce and Industry (NCCI) Board Member Parastus Nepolo said when times are rough, we must stick together and refrain from fighting so that local economic sectors can expand.

Nepolo businesspeople should learn to communicate their businesses’ genuine character in order to receive greater assistance.

Related posts