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Nedbank and SimplyBiz® launches innovative BackaBusiness crowdfunding initiative to support entrepreneurs through COVID-19

Article provided by Nedbank

As the impact of the lockdown in South Africa takes effect, SimplyBiz® powered by Nedbank, has launched the BackaBusiness movement, with crowdfunding platform Thundafund, to drive support for businesses hard-hit during the COVID-19 pandemic.

‘COVID-19 has dealt entrepreneurs a major blow, however, the impact and the continuing threat to small businesses has inspired us to help with BackaBusiness, another innovative and relevant way that Nedbank is assisting small businesses during this challenging time,’ said Monique Chinnah, Nedbank Senior Manager: Segment Design and Development.

‘Since the lockdown, small businesses have had no income, but mounting operational expenses, and some did not qualify for traditional funding nor certain relief aids available.

‘Naturally, they are overwhelmed and anxious about the future of their businesses. This is an opportunity for people to show their support for small businesses to ensure their survival. We’re encouraging loyal customers, family and friends, and society at large to join the movement to PAY now and REDEEM a reward from the business owner, once trading resumes,’ she adds.

An example of a reward could be paying your hairdresser R200 through the campaign, and they will offer a voucher in return for a haircut when they reopen.

‘This enables the business to receive much-needed funds now to see them through until they can operate again. It also means that when the business resumes, they have guaranteed customers visiting their store to redeem their vouchers, thereby flattening the curve, post the lockdown,’ adds Chinnah.

She adds that these entrepreneurs do not make up mere statistics – they comprise local restaurants, gym instructors and the ‘people who know your name’. ‘They make our lives richer, we like their products and trust them. We want them to survive the crisis.’

To find out how you can support small business with your heart and wallet through the SimplyBiz® BackaBusiness crowdfunding movement with Thundafund, visit https://blog.thundafund.com/2020/04/19/backabusiness/.

‘This initiative is in line with the raft of measures undertaken by Nedbank to support small businesses during Covid-19 and beyond,’ concludes Chinnah.

Visit the SimplyBiz® digital community at: www simplybiz.co.za or follow us on Facebook at SimplyBiz_SA

Nedbank is a proud Partner of the NSBC.