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South African SMEs Can Now Access Tenders Via Online Portal
South Africa’s economic growth has not been too favourable will probably remain stunted unless we find ways to increase household spending and encourage investment. According to sources from the government and the central bank, South Africa's Gross Domestic Product is estimated to have expanded 0.7% in 2018. A figure that is almost half the growth rate of the last year of Jacob Zuma’s scandal-ridden term as president.
The numbers are clearly not in our favour and something needs to be done to stimulate economic growth. Since taking office, Cyril Ramaphosa has been vocal about supporting the development of small businesses by addressing some of the challenges they confront. Ramaphosa believes supporting small business will go a long way in stimulating the country's entrepreneurial ecosystem as well as job creation.
Our new president has followed through on his words and In February 2019 President Ramaphosa signed into law the Competition Amendment Bill which constitutes a boost for SMEs, economic inclusion and is intended to open the economy to fresh investment and innovation.
In addition, President Ramaphosa will concurrently launch the SA SME Fund CEO Circle which aims to finance and scale up black SMMEs.seen-stagnant.
BLSA online portal is now live
Registered small and medium enterprises (SMEs) will now be able to access, via an online trading portal, the supply chain opportunities of large South African corporations with a global footprint. An initiative of Business Leadership SA (BLSA), the BLSA Connect online portal was launched yesterday by president Cyril Ramaphosa, alongside the SA SME Fund CEO Circle, which aims to finance and scale-up black SMEs.
The system also looks to create market opportunities for black-owned SMEs through linkages and networking between large firms and small businesses. Furthermore, it will support emerging enterprises with access to enterprise and supplier development, reveals the statement. Ramaphosa says joint efforts by the BLSA and SA SME Fund are about creating an ecosystem that is bigger than just getting funders.
Part of a bigger economic stimulus
The fund was set up under the auspices of the CEO Initiative in 2016 to stimulate growth and investment drawn from the expertise of South Africa’s top business leaders. Fifty of South Africa’s largest companies have collectively invested R1,4 billion for capital funds in the SA SME Fund which is mandated to invest the bulk of its funding into black emerging businesses.
According to a BLSA statement, the portal will ensure risks to established companies are managed and reduced, as it will encourage transparency and make visible the compliance status of emerging businesses.
BLSA chairperson Jabu Mabuza states the initiative is the business community's contribution to resuscitating the country's struggling economy and ensuring inclusive economic growth
"What we are seeking to do is to address the challenges our country faces. The challenges are unemployment, which is huge. Even as we have unemployment, we already know there are certain initiatives that we can embark upon that can address unemployment."
"Having been engaged in the issue of inclusive growth, addressing job creation and looking for solutions, we have found that funding is but one aspect. The bigger challenge is creating opportunities,"
Find local opportunities for your business
If you would like to know more about the Black Leadership South Africa initiative or would like to add your business to their supplier database and search for opportunities, then check out the following resources.
Share your thoughts with us
What do you think of this new portal? Have you registered your business? Is it a small step in the right direction in helping build a strong economy off the back of SME's? Let us know in the comments below.
Are you looking to promote your business?
Business owners can create your free business listing on nichemarket. The more information you provide about your business, the easier it will be for your customers to find you online. Registering with nichemarket is easy; all you will need to do is head over to our sign up form and follow the instructions.
If you require a more detailed guide on how to create your profile or your listing, then we highly recommend you check out the following articles.
If you enjoyed this post and have a little extra time to dive deeper down the rabbit hole, why not check out the following posts on around local SME's.