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www.finfind.biz. Assisting FABCOS members to access finance. CONTENTS. Brief history and background What is finfind ? How the finfind process works Rationale for the pilot Progress to date Thank you’s. History and Background.
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CONTENTS • Brief history and background • What isfinfind? • How the finfind process works • Rationale for the pilot • Progress to date • Thank you’s
History and Background • In 2009 FABCOS and USAID’s Financial Sector Program (FSP) signed a Letter of Intent to work together • FSP spent the next 2 years developing a platform, www.finfind.biz (finfind) to assist SMEs to access finance • In 2011, FSP awarded hosting rights of finfind to Finfind (Pty) Ltd – based in the Eastern Cape • In 2012, finfind was launched onto the market • In 2012, FSP approached FABCOS to fulfill their commitment to work together
History and Background cont’d • FABCOS proposed that finfind be piloted with its members in Gauteng and the E Cape as a way of ensuring mutual benefit and to identify lessons learned from the experience
What is finfind? • A website: www.finfind.biz • Platform for SMEs, finfind consultants and SME Financiers • Assists SMEs to identify a finfind consultant to assist them with their application for finance and/or their need for business support • More than 60 finfind consultants in Gauteng, E Cape and W Cape • Includes a Directory of more than 20 SME Financiers
Summary of finfind Financial Institutions 3. The SME submits a bankable application to the FI of their choice 2. Finfind consultant assists the SME based on the information about suitable FI’s and products to meet the SME’s need FABCOS SME’s finfind consultants 1. SME approaches a finfind consultant to help them to access finance
Process between the SME and the finfind consultant • Step 1: do you really need finance • Step 2: what do you need the finance for • Step 3: what are the different financial products to meet your need • Step 4: which financiers provide these products • Step 5: how to approach the financier • Step 6: how to manage the outcome
Why are we doing the pilot? • Assist FABCOS members to access finance • Demonstrate effectiveness of finfind • FABCOS SMEs • finfind consultants • Assess the impact of finfind • Evaluate starting point of each SME • Measure progress and outcomes • Assess the impact of finfind • Review lessons learned • Showcase success stories from the pilot • Assist other FABCOS members
Progress to date • Briefing held with FABCOS members in Gauteng and the E Cape (in Port Elizabeth and East London) • 46 FABCOS members invited to participate in the pilot! • 74% of participants are in the Eastern Cape • 24 finfind consultants assisting the SME members • In most cases, initial meetings have been held with each member to discuss their need for finance • In some cases, this has not translated into further consultation (for various reasons, including, for example, cost of service)
Next Steps • The finfind consultation process needs to be completed with participating members • Finfind will conduct an evaluation of the pilot • In the new year, a workshop will be held with FABCOS to review the lessons learned from the pilot and how this can be used to assist FABCOS members further • A workshop report will be available for circulation
Particular Thank You’s • Ray Maqutyana (E Cape) and Ricardo Dames (Finfind) for mobilisingfinfind consultants and SMEs • Thakadu Makgene (Gauteng) for mobilising SMEs • Allan Campbell and Phillip Usiba for supporting the initiative • The FSP team working in the background to make things happen! • FABCOS members and finfind consultants for their cooperation
