WINDHOEK – The Development Bank of Namibia (DBN) has launched an award that recognises outstanding enterprises that have made use of DBN services.

The DBN Good Business Award will look at current and former DBN borrowers who have had a significant impact on job creation, local sourcing and sustainable and innovative use of resources.

It will take into consideration the administration of the enterprise and governance.

Elize Angula said the DBN was established to contribute to sustainable socio-economic development.

Sustainability is part of the core values of DBN, consequently the DBN will “only support initiatives that are financially and economically feasible, socially equitable and environmentally responsible as only such initiatives are likely to have a lasting development impact and contribute to the sustainability of the Bank”.

“The Good Business Award recognises enterprises’ efforts to create lasting jobs and income, adopt good governance practices and make a positive contribution to Namibia’s economic landscape,” said Angula at the launch of the award.

The competition is open to all DBN clients in the categories of SME’s, larger enterprises, and former DBN clients.

The panel of judges, drawn from the bank’s executive management team, will look at the number of permanent jobs created, local procurement, development impact and good governance practices, among others.

Businesses will be evaluated on how they have used the funding from the bank to create jobs and help transform the economy.

Former clients, in other words those that have paid off their loans, will be evaluated under the ‘sustainability’ principle, looking at their progress since having obtained a DBN loan facility.

DBN Chief Executive Officer, David Nuyoma, said the bank takes an active interest in the progress of enterprises financed by it and felt the need to reward and recognise enterprises that have made a positive impact based on its objectives.

“Enterprises financed by the DBN have a high success rate. As the bank holds itself accountable for funds, assessment of projects and allocation of finances to ensure this, we expect a very high standard of entries. Those who win the awards will be exceptional examples of good enterprise in Namibia,” said Nuyoma.

The competition closes on August 31 and the award ceremony will be held in September 2012.

Application forms will be available at the DBN offices in Windhoek and Ongwediva; on the DBN website; from Namibia Chamber of Commerce and Industry offices and SMEs Compete offices across the country.