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ABSA SMALL BUSINESS

ABSA SMALL BUSINESS. INTRODUCTION. My presentation will focus on the following four main topics: ABSA Financial Product: Joint SMME Fund Challenges we face in funding SMMEs Solutions for small business Enterprise Development Centre / Chamber SMME Desks. 1. JOINT SMME FUND.

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ABSA SMALL BUSINESS

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  1. ABSA SMALL BUSINESS

  2. INTRODUCTION • My presentation will focus on the following four main topics: • ABSA Financial Product: Joint SMME Fund • Challenges we face in funding SMMEs • Solutions for small business • Enterprise Development Centre / Chamber SMME Desks

  3. 1. JOINT SMME FUND • Joint Venture between Absa and Department of Economic Development and Tourism- KZN • Finance between R10 000 and R1 000 000 • Main focus on bridging finance: Tenders • Main requirements: Letter of award and business profile

  4. 1.1.EXCLUSSIONS • Non SA Citizens • Individuals under the age of 21 • Money raising • Enrichment • All trust, Public Companies, All Section 21 Companies • Mining and oil exploration, • Commercial property finance • Vehicle finance • No split Banking is allowed • Multiple ownerships in other businesses

  5. 1.2.KEY REQUIREMENTS • Comprehensive Business Plan/Profile • Lease Agreements • Financial Statements • CV • Identity Document • Marital Certificate • Assets and Liabilities • Financial Statements (Expansion). • Cash Flow Projections • Bank Statements • Buy/Sell or Purchase Agreement • Fica Documents • Proof of own contribution

  6. 2.CHALLENGES IN FUNDING SMMEs • ITC- No arrangements have been made with creditors • Multiple ownerships in other businesses • Documents not submitted in time • Quality of the business plan • Lack of skills in the type business one wants to start • Lack of understanding business financial model • Inaccurate cash flow statements • Clients present their applications late • Clients have arrangement with third parties to do execute tenders

  7. Financial management , records & management competence = 64% Financial management , records & management competence = 64% Financial management , records & management competence = 62% Why Small Businesses Fail! 73% Failure is from these factors Sales & Marketing = 11%

  8. 3. SOLUTION FOR SMALL BUSINESS • How Absa Can Help You Grow Your Business We are dedicated to helping you grow and succeed in your business Our Business Essentials and Business Advantage Packages provide the key tools and services that most successful business customers use. The Business Essentials and Business Advantage Packages are perfect for those customers who wish to increase their chances of business survival, success and growth QuickBooks have invoice, debtors and creditors journal, monthly management accounts, income statement, cash flow statement, balance sheet etc.

  9. 3.1. BUSINESS ADVANTAGE Business Essentials R 185 (inc VAT) per month Business Plan Pro Marketing Plan Pro Mind Leaders QuickBooks Pro Business Advantage R290 (inc VAT) per month Business Plan Pro Marketing Plan Pro MindLeaders QuickBooks Pro Succeed Magazine Networking Opportunities

  10. 4. ENTERPRISE DEVELOPMENT CENTRES OTHER BANK SOLUTIONS FOR SMME • Information Dissemination • Business plan assessment • Training workshops • Advisory services • Business registrations • Semi-incubator: Consulting, Internet, printing service • Maintaining stakeholder relations

  11. 4.1. OTHER SOLUTIONS FOR SMME IN OUR EDC/BRANCHES 1. Learnership (150 Participants) 12 Months Programme/ R1500.00 Stipend 2. Enterprise Growth Programme(24 Participants)- KPMG Business Simulation Training / Quickbooks Training Sales and Marketing / Financial Intelligence/ Banking Principles • Sector specific interventions: Training and Networking • Normal Banking Products: Bizstart and Cheque Account These products are backed by Notify Me, cellphone banking and Internet Banking

  12. 4.2.CHAMBER: SMME DESKS • Durban Chamber of Commerce and Industry 190 Stelwart Simelane Street Durban 4001 Gugu Ngcobo: 031-335 1000 Gugun@absa.co.za • Pietermaritzburg Chamber of Commerce and Industry Chamber House Royal Showground Pietermaritzburg 3201 Mandisa Jostrey: 033-345 2747 woman@pcb.org.za

  13. CONTACT DETAILS • Chris Ngcobo • Manager • Enterprise Development Centre • 127 Johannes Nkosi Street/ Alice Street- Seda Centre • Durban • 4001 • 031 309 5330/1 • Email Address: Bhekani.Ngcobo@absa.co.za OR • Rem Biyela • Manager • Enterprise Development Centre • 204 Peter Kerchhoff Street • Pietermaritzburg • 3201 • 033-264 3860 • Email Address: Remb@absa.co.za

  14. SMALL BUSINESS IS BIG BUSINESS CONSTRUCTIVE ENGAGEMENT ?

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