Awash Bank has concluded its second “Tatariwochu/Qaxaleewwan” entrepreneurship competition, recognizing the vital role of small and micro businesses in Ethiopia’s economic future. The competition, aimed at fostering innovation and addressing unemployment, culminated in an awards ceremony celebrating the achievements of young Ethiopian entrepreneurs.
Awash Bank CEO Tsehay Shiferaw highlighted the bank’s 30-year commitment to contributing to Ethiopia’s economic development and improving the lives of its citizens. She emphasized the success of the first competition’s winners, who have successfully implemented their projects using loans facilitated by the bank.
This year’s competition provided all participants with training in essential business skills, including developing sustainable business plans, presentation techniques, and communication skills. The top eight finalists engaged in intense competition, receiving additional training to transform their ideas into viable businesses.
The top five winners received prizes ranging from 200,000 to one million Birr, along with eligibility for collateral-free loans of up to five million Birr, depending on their project’s needs. Contestants ranking from 6th to 8th place were also awarded prizes ranging from 80,000 to 100,000 Birr.
The winner of the second round of the competition received 1 million ETB and a clean loan of up to 5 million ETB to scale up the business.
Awash Bank is providing ongoing support to the winners through designated relationship managers, assisting them in securing loans and successfully launching their businesses. The bank has partnered with “First Consult” to lead the competition for the next two years. The competition encourages entrepreneurs who have creative skills but could not implement them due to lack of finance. The bank is dedicated to providing sustainable support to entrepreneurs, addressing challenges related to initial and working capital and skill development.
The competition is open to any youth who have problem-solving or business ideas and who are above 18 years of age or above the tenth grade[1][5]. Registration for the second round of the competition was open from October 23 to November 23, 2023. The registration deadline for the second round of this Awash Bank Entrepreneurship Competition is December 10, 2023!
While there are only a few commercial banks in Ethiopia that are active in the support ecosystem, Awash Bank runs its Tatariwochu/Qaxaleewwan youth business training program.
