Standard Bank launches a potential solution for small, micro, and medium sized enterprise entrepreneurs in Alex
Standard Bank introduced a plan to support SMMEs of Alexandra entrepreneurs to reduce the high failure rate.
Alexandra-based entrepreneurs and small, micro, and medium-sized enterprise (SMME) operators in the community may feel encouraged to learn of Standard Bank’s plan to support township entrepreneurs in reducing the high SMME failure rate plaguing township economies.
Standard Bank aims to reverse the trend of a staggeringly high number of small businesses failing within their first five years by building on its ongoing commitment to empowering local businesses and fostering sustainable growth.
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The 2023/2024 Global Entrepreneurship Monitor (GEM) report showed that two in five adults in South Africa know someone who has recently started a business, and two in three people see excellent opportunities to do the same.
Head of coverage for business banking at Standard Bank South Africa Oscar Siziba said that the bank will be creating engagement platforms with local SMMEs where they will provide insights, tools, as well as networking opportunities that can enable businesses in either the starting, managing, or growing phases.
“SMMEs are a vital part of South Africa’s economy, but they often lack access to the resources they need to survive,” said Siziba. “We are not just offering theoretical knowledge. This is about giving township entrepreneurs the practical tools they need to build sustainable businesses.”
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The programme will launch in Gauteng, KwaZulu-Natal, and the Western Cape, before expanding into the rest of the country in 2025.
Participants will also learn more about the banking institution’s enterprise and supplier development (ESD) programmes which aim to enable township businesses to transform their operations through gaining greater access to markets, development services, and the crucial funding they need to grow.
Entrepreneurs in Alex will want to capitalise on this opportunity, as research highlights how limited access to financial literacy, poor business management skills, and barriers to formal banking systems continue to hamper township business growth.
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