Lender Standard Bank supports Global Entrepreneurship Week (GEW), saying this week that the Covid-19 pandemic-associated lockdowns implemented and the civil unrest that took place across South Africa had all taken a dramatic toll on small enterprises in the country, many of which are now trying to rebuild following the financial and physical damage caused to their businesses.
“Certainly, small businesses are critical to addressing the structural problems that the country faces, such as unemployment and inequality,” said Simone Cooper, the head of business clients at Standard Bank South Africa. “We remain committed to spearheading and supporting initiatives that minimise barriers for entrepreneurs to access mentorship, financial assistance and provide the opportunity to increase collaborations within their ecosystems.”
In response, this year Standard Bank launched OneFarm Share – a digital match-making platform that links farmers with registered charity organisations that support feeding operations in impoverished communities.
Standard Bank also collaborated with Mastercard and Google in 2020 to help small businesses move their businesses online, accept digital payments and attract more customers, while SMEs could get free access to Standard Bank’s SimplyBlu, an all-in-one e-commerce solution powered by Mastercard Payment Gateway Services, plus free Google Ads to the value of R500.
In South Africa, Standard Bank has also allocated R27 million to small, medium enterprises (SME) in funding deals with government entities; 111 SMEs benefited from credit rehabilitation, creating 880 jobs. Under the loan guarantee scheme, Standard Bank also had disbursed SME loans worth R7.1 billion, it said.
BUSINESS REPORT ONLINE