Small, medium and micro enterprises (SMMEs) are bearing the brunt of the country’s Covid-19 lockdown. According to financial services company Finfind, existing debt, lack of cash reserves, outdated financials, and the inability to operate has forced the closure of 42,7% of small businesses.
The report reveals several key challenges commonly faced by the SMME sector in South Africa. Nedbank has been working to address these by implementing a number of initiatives that go beyond banking for small businesses.
One such initiative is the Big Things campaign that aims to help small-business owners boost their enterprises. They also get to win a share of R1 million: one hundred small-business owners each stand a chance to win R10 000 when they open a Startup Bundle from Nedbank. The competition will run for three months from Monday, 12 July to Friday, 15 October 2021.
‘This campaign is meant to empower small businesses – whether they are starting off, already established, or looking to innovate. These owners will need a reliable, affordable banking partner who understands their challenges and responds with flexible solutions to meet their needs,’
says Sandrine Prinsloo, Nedbank’s Head of Marketing: Business Banking, Small-business and Professional Banking.
‘We understand the importance of supporting SMMEs beyond banking. Our value-added services for small-business owners include MoneyTracker, which lets them track their finances on the Nedbank Money app and Online Banking. The Essential Guide for Small-business Owners features all the information needed when embarking on a new business journey and can be downloaded for free on nedbank.co.za. Furthermore, SimplyBiz offers a free digital platform for all entrepreneurs to tap into a community of business trailblazers
to network, share real advice, get access to practical guides, downloadable templates, discounts, ongoing learning and advertising, as and when they need it most,’
Small businesses are encouraged to participate by opening a Startup Bundle via the Nedbank Money app or Nedbank.co.za/small-business-services to have access to banking, additional services and funding.