Prize money boost for DBN business awards

WINDHOEKDENVER ISAACS The Development Bank of Namibia (DBN) yesterday launched its annual Good Business Awards competition, set to be held later in the year. The competition is open to previous beneficiaries of the bank, who have performed well and managed to pay off their debt to the institution. This year's event features a number of changes, including a rise in the prize money per category to N$40 000, from last year's N$30 000. The categories are split between larger businesses and smaller business. A “Sustainability” category that formed part of the competition until last year has been dropped, DBN acting chief executive officer, Martin Inkumbi, said yesterday “We used the 2012 Sustainability category to recognize exceptional enterprises that repaid their loans prior to 2012, but are switching to recognising all clients on an ongoing basis,” he said. After the evaluation, the bank decided that sustainability was a necessary factor for any successful business to qualify as going concerns. “Our intent is to showcase the qualities of good business, and how it can be good for development. The assessment process highlights those factors you would expect from a business that is good for development, but the assessment also highlights good business governance and administration, as well as long-term viability,” he said. “By showcasing these enterprises, we show Namibia the remarkable homegrown successes that are possible, and hope to win support for these enterprises. We also hope that enterprises and aspiring entrepreneurs will learn that obstacles are brushed aside with Namibian ingenuity and good business practices,” he added.