Telecoms startup at funding crossroads

A 33-year-old Fin24 user who has dedicated the last decade to setting up his telecommunications business is now at a funding crossroads. He writes:

I am 33 years old and have dedicated the last 10 years of my life to setting up and running my business in the telecoms sector.

The last two years have been difficult and we now need funding options that are available in order to ensure smooth running of the projects that we have.

I am aware of the DTI (department of trade and industry), Seda (the Small Enterprise Development Agency) and the commercial banks.

What other financial instruments are available out there for businesses such as mine?

Independent business consultant Anton Ressel responds:

You do not indicate if you are looking for loan finance or grant funding. In either case, it may be useful for you to check out www.investmentincentives.co.za which lists a number of incentive programmes and sources of funding for your business.

I would also find out whether any sector bodies in your industry offer incentives or access to finance.

Finally, the Black Business Supplier Development Programme (BBSDP) could be an option, although their turnaround time can be quite lengthy.

Just a comment: you also need to interrogate your current business model and see why things have been going badly the past two years, external climate aside.

There is no sense in pouring more water into a leaky bucket.

 - Fin24

* Share your experience of setting up a business or simply ask a question. Our business panel can put you on the right path.
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