Business

IBAM says 2021 has been difficult for business

Indigenous Business Association of Malawi, IBAM, has described the year 2021 as difficult year for business due to Covid 19 pandemic and the elections that have consumed more money from the national budget.

Speaking with Maziko Radio, IBAM director Mike Mlombwa said most businesses have collapsed and others have closed due to lack of loans for recovery plans as most of the small businesses are denied access to loans from commercial banks.

Mlombwa has asked government to consider indigenous business owners when offering contracts and to be considered in the budget plans where indigenous businesses operators can have access to loan in order to sustain their businesses.

IBAM Director Mike Mlombwa: Most businesses have collapsed and others have closed due to lack of loans for recovery plans. 

‘‘In short I can say the year has been a rough year as far as black business people is concerned since we did not have much capital to run our business like our collegues from outside the country who have their own ways of raising funds,’’ added Mlombwa.

According to Mlomwa it is also encouraging to see government doing ground work by outing deliberate policies which can help the black indigenous business people.

‘‘We have hope that 2022 things will change for the better with these policies if they become operational,’’ said Mlombwa.

 

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