Rwandan entrepreneurs treated to Covid-19 business survival boot camp

Amid the ongoing challenges presented by the COVID-19 pandemic, Access to Finance Rwanda, in collaboration with the African Management Institute, the Private Sector Federation, and other key stakeholders, has launched a new initiative aimed at supporting Rwandan entrepreneurs. The program, dubbed 'The Business Survival Bootcamp', is set to kick off next week and is designed to help SMEs navigate the unprecedented difficulties brought about by the global health crisis. Speaking to CNBC Africa, Jean Bosco Iyacu, the Head of Programs at AFR, shed light on the critical role of this initiative in supporting SMEs during these challenging times. Iyacu emphasized the crucial importance of supporting SMEs in navigating the economic downturn caused by the pandemic. He highlighted the need for both public and private sector support to ensure that SMEs receive the necessary credit, facilitation, and skills to overcome the challenges they are currently facing. The unique skills required to cope with the current situation demand targeted interventions to equip entrepreneurs with the tools needed to navigate the crisis effectively. One of the key components of the support initiative is the SME Response Clinic, a platform designed to collect feedback and challenges faced by SMEs. Iyacu compared it to a medical clinic, where SMEs can seek assistance and access information to address their specific needs. By centralizing information and providing a dedicated support system through a call center at the Private Sector Federation, the initiative aims to bridge the information gap and offer tailored advocacy and assistance to SMEs. The collaboration between Access to Finance Rwanda, the Private Sector Federation, and other stakeholders, including the African Management Institute and the Rwandan Bank Association, among others, underscores the collective effort to ensure sustainable support for SMEs in the financial sector. In response to queries about the efficacy of cash handouts for SMEs as a recovery strategy, Iyacu acknowledged the short-term benefits but emphasized the importance of sustainable support measures. While cash handouts can provide immediate relief, he suggested alternative approaches such as granting loan repayment extensions to offer SMEs breathing space for long-term recovery. The Business Survival Bootcamp, organized in partnership with the African Management Institute, focuses on equipping entrepreneurs with essential skills to manage their enterprises effectively during the crisis. The program addresses key areas such as cash flow management, risk mitigation, human resource management, and productivity enhancement. By fostering an online platform for knowledge exchange and peer support, the initiative aims to not only enhance business acumen but also provide emotional and psychological reassurance to entrepreneurs during these challenging times. Looking ahead, Iyacu outlined the organization's commitment to supporting SMEs in the post-COVID-19 landscape. He emphasized the importance of gathering data through surveys to understand the challenges faced by SMEs and identify necessary policy decisions and support measures. By advocating for sustainable funding solutions and providing support to financial service providers, Access to Finance Rwanda aims to bolster SME resilience and facilitate their recovery in the evolving business environment. In conclusion, the Business Survival Bootcamp represents a vital lifeline for Rwandan entrepreneurs grappling with the far-reaching effects of the pandemic. Through targeted interventions, collaborative partnerships, and a holistic approach to support, SMEs in Rwanda are poised to weather the storm and emerge stronger in a post-COVID-19 era.