Article provided by Nedbank
Before the onset of the COVID-19 pandemic, small businesses accounted for 50% to 60% of South Africa’s workforce; and small, medium and micro enterprises by and large remain the bedrock of the economy even as they face the challenges of the recent looting as well as the overall decline of the economy. In recent reports, economists estimated that the economy grew by 1,2% in Q2 of 2021.
The civil unrest that gripped Gauteng and KwaZulu-Natal also placed substantial pressure on businesses, with as much as 89% of the businesses affected being small ones, according to BeyondCovid.
To help them overcome this, Nedbank is launching its Big Things for Small Business campaign, giving entrepreneurs the opportunity to win their share of R1 million. Twenty small businesses stand to win a cash injection of R50 000 each, with the aim of helping them rebuild and grow their businesses.
‘Small businesses contribute meaningfully to the employment in South Africa and a considerable amount to our GDP. We have seen them struggle and others even buckle under COVID-19, so we have relaunched the campaign to give them a much-needed boost during these difficult times,’ says Sandrine Prinsloo, Nedbank’s Head of Marketing: Business Banking, Small Business and Professional Banking.
To qualify, business owners need to open a Startup Bundle account using the Nedbank Money app or by visiting Nedbank.co.za/small-business-services. The Startup Bundle account makes banking convenient for small businesses. Our ‘beyond banking’ solutions will also help and support small businesses on their journey. The campaign starts on 27 September 2021 and runs until 30 November 2021.