As the coronavirus ravages startups across Africa, those in the Southern African country of Namibia may have some respite on the horizon. This is because Startup Namibia, in collaboration with the Ministry of Industrialisation and Trade and with funds from the German government, has announced Round 2 of the COVID-19 Startup Grant. Through this operational support measure, grant of 15,000.- N$ ($1000) each will be provided on a competitive basis to 500 start-ups in Namibia. This is a major financial cushion for businesses which for the past 5 months were directed to close temporarily to prevent the further transmission of the virus. The country remains in the National Stage 3 lockdown and this extended pressure on the businesses is evident in the number of closures and retrenchments.
“Looking on the massive impact of COVID-19 on the private sector, we are very happy to extend the targeted support for start-ups and young SMEs during this challenging time. Additional funding for this project is provided by the German Federal Ministry of Economic Cooperation and Development. We hope that innovative entrepreneurs, especially women, will be able to continue with this support their businesses and lay the basis for their growth in order to make a major impact for a sustainable and inclusive economic recovery of Namibia,” said Gerlinde Sauer, Counsellor for Development Cooperation at the German Embassy in Namibia.
Here Is What You Need To Know And How To Apply
- To be eligible to apply, the business must be a registered in Namibia, in operation for less than five years, must be majority Namibian-owned and business bank account statements must show a substantial decline in revenue during the period of the lockdown or thereafter.
- The Covid-19 StartUp Grant will help small businesses and startups in Namibia meeting the specified criteria to receive a direct supplement to pay wages, fixed costs, and offset decline in revenue during and after the lockdown.
- Online applications opened yesterday, 2nd September and will run until 16 September 2020. An independent committee comprising of StartUp Namibia stakeholders and partners will assess the grant applications.
- Grants will be awarded to applicants on a competitive basis.
Read also: Startups And SMEs In Namibia Have A New Credit Guarantee Scheme Of Up To $5.6 Million
“StartUp Namibia encourages all Startups that meet the eligibility criteria to apply (for the grant). Women-owned and women-run businesses as well as businesses from the regions are specifically encouraged to apply,” read a statement from StartUp Namibia spokesperson, Leitago Narib.
Eligible businesses must be registered, in operation for less than five years, and business bank account statements must show a substantial decline in revenue during the period of the lockdown or thereafter. In order to apply, businesses will need to submit the following via an online application:
- Founding Statement from BIPA
- SME Certificate
- Social Security Registration
- Bank statements for January-September 2020 of business bank account showing substantial loss of revenue during the period of the lockdown or thereafter
- Business continuity plan to detail the use of funds and strategies to save Jobs
For more information on how to apply, email covid19@startupnam.org
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer