enterprise development
Head of Products at FNB Business Banking. ‘It really is the small,
yet very important aspects that continuously trip them up.
‘This initiative will allow start-up businesses to be banked and
company registered in a few simple online clicks. The same efficiency
has also been extended to the annual renewals processes, and now
businesses are notified when they are due for the renewal process to
prevent their business from inadvertently being deregistered,’
says Orie.
Nedbank recently told Business Day that it went beyond the call
to finance small businesses. Nedbank said its procurement spend
on services provided by small-medium enterprises was expected
to be over R2.6 billion in 2013 and about 3 000 small business
suppliers would benefit from this initiative. Nedbank further
committed itself to the Prompt Payment Code which pushed for
small businesses to be paid on time.
The delay experienced by small businesses in payment for
services rendered is one of the challenges that has suffocated
many SMEs.
Barclays Africa Group says it has been in their own interest to
operate enterprise development programmes as this helps reduce
the risk of default in payments due to a lack of business flows for
small businesses. The Group says it has been working with large
corporations in this regard to channel some of the procurement to
small businesses who can deliver the goods and services.
‘Our approach is that in order to look after the capital we advance,
it makes sense for us to spend money to achieve this,’ says the Barclays
Africa Group.
FNB’s assistance for small businesses extends to helping entrepreneurs compile their financial statements by using the FNB
Instant Payroll solution, which assists enterprises in paying their
employees.
Donovan Steenkamp, Head of Business Banking Client Financial
Solutions at Standard Bank, says the bank’s Enterprise Development
Unit has established a four-party partnership between the bank, lar