Sourcefin and the Ithala Development Finance Corporation (IDFC) have officially launched a transformative partnership to empower Small, Medium, and Micro Enterprises (SMMEs) in KwaZulu-Natal. This groundbreaking collaboration, celebrated at the Ithala Trade Centre in Durban, is set to inject R150 million into the local economy, providing crucial financial support through purchase order funding and invoice discounting.
Joshua Kadish, CEO of Sourcefin, emphasised the unprecedented nature of this partnership, underscoring its potential to drive economic growth, create sustainable business opportunities, and contribute to the overall prosperity of KwaZulu-Natal. The initiative aims to bridge the significant financial gap SMMEs face, offering financial and non-financial support to ensure their growth and success.
Comprehensive support for SMMEs
The partnership provides SMMEs with access to essential financial services and a range of non-financial support, including:
- Purchase order financing:
Enabling businesses to fulfil large orders and meet client demands. - Invoice discounting:
Providing immediate cash flow by advancing payments against outstanding invoices. - End-to-end sourcing and logistical support:
Ensuring seamless delivery of all orders. - Free access to Sourcefin’s extensive international database of pre-vetted suppliers:
Facilitating efficient and cost-effective procurement. - Purchase order and invoice validation and verification:
Ensuring financial accuracy and reliability. - Specialist business processes, legal, financial, and seamless operations support:
Providing comprehensive guidance and expertise.
Pearl Bengu, IDFC Group Chief Executive, highlighted the alignment of this partnership with IDFC’s mission to foster economic development and create opportunities for all, particularly in rural and township areas. “At Ithala, our mission is to foster economic development and create opportunities for all, especially those in rural and township areas. We believe that partners like Sourcefin enhance our efforts of driving innovative solutions to enable SMMEs to focus on creating jobs and contributing to the overall economic prosperity of KwaZulu-Natal,” said Bengu.
A shared vision for growth
This partnership is more than a financial agreement; it represents a commitment to fostering a more inclusive and empowering financial landscape for SMMEs in KwaZulu-Natal. By integrating Sourcefin’s innovative digital platforms and financing solutions into the IDFC ecosystem, SMMEs will receive the support needed to elevate their businesses to new heights of success.
“We are taking the first step towards creating a more inclusive and empowering financial landscape for SMMEs in KZN. This partnership marks the beginning of a journey to elevate the SMMEs of KZN to new heights of growth and business success,” added Kadish.
Kadish expressed optimism about the partnership’s potential to address the financial challenges SMMEs face and empower them to thrive through access to strategic training and support. “At Sourcefin, we believe in the potential of SMMEs as the backbone of our economy. By providing tailored financial services and strategic guidance, we empower SMMEs to thrive and make a significant impact in their communities,” said Kadish.
Further engagements and initiatives
This partnership aligns with the KwaZulu-Natal Economic Recovery Plan, a comprehensive strategy to stimulate economic growth and development in the region. By collaborating, IDFC and Sourcefin aim to make a meaningful contribution to the province’s economic revival.
The launch event was a success and featured key discussions on how this partnership will enhance service delivery, drive innovation, and foster sustainable growth for SMMEs. Attendees had the opportunity to engage with both Sourcefin and IDFC representatives, gaining insights into the extensive support available for SMMEs.
Sourcefin is a proud Partner of the NSBC
About Sourcefin
Sourcefin is a financial specialist dedicated to empowering SMEs by providing a comprehensive suite of services, including financing orders, sourcing goods, negotiating cost savings, and offering strategic guidance. Their mission extends beyond financial support to encompass technology, innovation, and additional networks.
About IDFC
The Ithala Development Finance Corporation (IDFC) manages fully integrated business activities, offering financial and property services throughout KwaZulu-Natal. Its mandate is to promote development in the province, with a vision to be the catalyst for growth, socio-economic development, and empowerment in the province.