Small businesses given a boost

2019-11-28 06:00
Small businesses attended a knowledge sharing and netowrking session hosted by one of South Africa’s top banks.PHOTOs: SIYABONGA KALIPA

Small businesses attended a knowledge sharing and netowrking session hosted by one of South Africa’s top banks.PHOTOs: SIYABONGA KALIPA

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As the world celebrated the Global Entrepreneurship Week, one of the country’s big banks decided to empower small businesses in the townships.

As part of the entrepreneurship week, the bank held a knowledge sharing and networking session at The Milk Bar and Restaurant in Khayelitsha on Wednesday 20 November.

Among others, the banks gave participants tips on how to get their businesses digitally savvy, managing their finances and cash flow. They also assessed whether some of the businesses were fundable.

Stephan Classen, the bank’s provincial head, said they are doing their best to help small businesses to grow.

He said small businesses play a vital role in the country’s economy as they create jobs. He said just because they are based in townships they are not valued by the corporate world. “We open about 30 000 business accounts each month and more than 15% of our loans are given to black-owned businesses,” he said.

Classen encouraged those with business ideas to start working on them.

Zandile Tlhapi who started her business Baby Friendly in 2017 said the session was very good for her to grow her business.

The Khayelitsha-based business owner praised the information sharing session, particularly funding for small township businesses. “Also the contacts I made during the session will go a long way in helping my business,” she said.

Tlhapi said this is supposed to be the busiest time for her business since she is selling baby clothes but people do not trust businesses in townships and they would rather go to the big retailers.

She said the help she got will hopefully help her to gain trust from the people who are meant to support her.

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