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Johannesburg - A partnership between the South African Institute of Professional Accountants (Saipa), Absa Bank, the City of Johannesburg and several other partners, resulted in the launch of the Absa Enterprise Development Centre (EDC) in Newtown, Johannesburg, on Wednesday.
The centre was officially opened by the Executive Mayor of the City of Johannesburg, Councillor Parks Tau, and the chairperson of Barclays Africa Group, Wendy Lucas-Bull.
It is expected that the centre will play an important role in the development of the province’s SME sector.
The objective of the center is to increase cooperation in the development of small businesses through the transfer of skills essential to the survival of SMEs such as financial literacy, record keeping, and developing business growth strategies.
“Only two of seven start-up businesses in South Africa survive beyond the first year. This points to a desperate need for skills and knowledge to take an idea from concept to fruition. Basic business and financial management skills, particularly, are lacking,” explained Faith Ngwenya, technical and standards executive at Saipa.
Saipa has enlisted the help of some of its Professional Accountant (SA) and Tax Practitioner (SA) members to share their knowledge and transfer their skills to aspirant business people registered with the centre, thus improving their prospects of business sustainability.
Lucas-Bull said the goal set for the SME sector requires the bank to be more than simply a financier of new start-ups.
"It requires us to play a meaningful role by supporting entrepreneurs beyond just their financial needs. Funding is of course vitally important, hence our R250m commitment this year to help SME businesses prosper that typically would not meet normal lending criteria,” she said.
Absa now operates eight Centres of Entrepreneurship across South Africa.
- Fin24
* Share your experience of setting up a business or simply ask a question. Our business panel can put you on the right path.
The centre was officially opened by the Executive Mayor of the City of Johannesburg, Councillor Parks Tau, and the chairperson of Barclays Africa Group, Wendy Lucas-Bull.
It is expected that the centre will play an important role in the development of the province’s SME sector.
The objective of the center is to increase cooperation in the development of small businesses through the transfer of skills essential to the survival of SMEs such as financial literacy, record keeping, and developing business growth strategies.
“Only two of seven start-up businesses in South Africa survive beyond the first year. This points to a desperate need for skills and knowledge to take an idea from concept to fruition. Basic business and financial management skills, particularly, are lacking,” explained Faith Ngwenya, technical and standards executive at Saipa.
Saipa has enlisted the help of some of its Professional Accountant (SA) and Tax Practitioner (SA) members to share their knowledge and transfer their skills to aspirant business people registered with the centre, thus improving their prospects of business sustainability.
Lucas-Bull said the goal set for the SME sector requires the bank to be more than simply a financier of new start-ups.
"It requires us to play a meaningful role by supporting entrepreneurs beyond just their financial needs. Funding is of course vitally important, hence our R250m commitment this year to help SME businesses prosper that typically would not meet normal lending criteria,” she said.
Absa now operates eight Centres of Entrepreneurship across South Africa.
- Fin24
* Share your experience of setting up a business or simply ask a question. Our business panel can put you on the right path.
