How can finance be unlocked for small suppliers? An Absa Business Day Supplier Development Awards panel has the answersAs we emerge from the pandemic, we need an environment where SMEs can thrive. Picture: UNSPLASH
A recent discussion by panellists from business, finance, and small and medium-sized enterprises emphasised access to finance as one of the most important levers to enable the growth of small businesses. How can finance be unlocked for small suppliers, and can there be inclusive economic growth without it?
Funders can assist small suppliers directly and partner with corporates that want to provide procurement finance. For example, ProfitShare Partners, a fintech business, supports SMEs along the steep learning curve involved in delivering to corporates. A good contract or purchase order will give SMEs access to this service, which grows SMEs to independence and bankable viability within a year.
Entrepreneurs also need to package their business cases for investment well, and they have to show grit and patience while establishing key relationships and partnerships. Thereafter, it is a natural progression to matching their business with the right funder.
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