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Absa launches small Commercial bank Absa has launched a small, medium sized and micro enterprise (SMME) funding and support programme in a bid to create "thousands of SMMEs in South Africa in a reasonably short timeframe", says Absa Business Markets head Marcel de Klerk.
However, during the past year, Absa Enterprise Development has already trained 8 000 people in its 11 centres around South Africa and has helped 792 new business to register, and provided funding for growth, start up or expansion to 72 companies, totalling R500 million, says De Klerk."Businesses do not fail because of tech nical reasons but, more often, because the entrepreneurs do not have the necessary business skills to manage their debtors or their creditors, or labour relations, besides others. However, instead of admiring the problem, we know that there is a market out there in corporate South Africa for more SMME products and services, and we have put the infrastructure in place to provide nonfinancial and regulatory support," says Enterprise Development head Sisa Ntshona.Of an identified target of R137 billion earmarked in the corporate sector for potential SMME service spend, only R15 billion is currently being spent by large corporate companies, which means there is potentially R122 billion more that large corporate companies in South Africa can spend on SMME services and products, he notes."Large corporate companies would like to spend more buying SMME goods and services, but they cannot find an SMME to meet their demands, while the SMMEs that do meet the requirements often do not make contact with the large corporate companies."Hence, we developed the online Procurement Portal, initially as a meeting place for corporate companies and SMMEs to connect but, eventually, as a fully fledged electronic marketplace where electronic orders, invoicing and tendering can take place, while also establishing an effective audit trail," he says.Further, Absa and its corporate and nongovernmental partners will also verify companies that list on the portal, which means that verified SMMEs on the portal will be registered with the Companies and Intellectual Property Commission (CIPC), will be registered for tax with the South African Revenue Service (Sars) and will be assessed for their capacity to deliver their stated products or services, explains Ntshona."The greatest threat to small companies is not access to funding though it is a close second, but, rather, the lack of access to markets to sell their products," he says.For example, in 2010, pig farmer Anna Phosa sold pigs ad hoc and only had about six pigs and about 20 piglets. However, Absa Enterprise Development linked her production into supermarket chain Pick n Pay and provided funding that enabled her to buy a farm with an on site abattoir, where a total of 35 people are now employed."This suggests that, though there are significant delays and barriers and risks, a significant impact can be made in a reasonably short time given both a willingness to fund and support SMMEs and the SMMEs producing relevant products for corporate South Africa."Ntshona emphasises that the funding is available to both new and emerging small companies with a turnover of below R35 million a year.However, there is a high risk louis vuitton neverfull mm or speedy 35 of failure, given that about 80% of all start up companies fail within two years of being established.This risk is reduced through training and nonfinancial support, as well as ongoing louis vuitton purses sale support from the unit's development centres around the country."We know that 11 [centres] are not enough, but all of them are well staffed and well equipped with computers that entrepreneurs can access for back office work. It is key to provide nonfinancial support to entrepreneurs. These centres help with business plans, evaluate business plans and help emerging companies, from a registration, governance and regulatory point of view, to become formalised," explains Ntshona.
Further, a widely louis vuitton alma replica acknowledged problem in South Africa is education, with the country lagging with louis vuitton neverfull mm youtube one of the lowest mathematics literacy rates on the continent."This is the calibre of entrepreneur and SMME that will come through your door those who have gone through the education system. We have to be aware of what is at play and must plan accordingly to reduce risk of failure," he concludes.
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