With proper support, small business could be a major engine of growth
Research shows that the success rate of SMMEs improves if they have access to funding and markets, writes Thembeka Sobekwa
Help is at last on the way for small businesses affected by the riots that took place in KwaZulu-Natal and Gauteng. This is largely thanks to a R38.9bn Covid-19 pandemic and unrest support package unveiled by finance minister Tito Mboweni on July 28. In the short term, this financial assistance will provide a stimulus that helps the economy to recover.
Of this assistance, R2.3bn will be set aside to support uninsured small businesses, which will have to make applications from the state-owned insurance company Sasria. It is encouraging that the uninsured market has not been forgotten. This market consists of business owners who have lost everything. If they are willing to put in the work, they now have a chance to rebuild and recover...