30 September 2024
In its role as a catalyst for entrepreneurial success and sustainable economic development across the continent, Absa has sponsored 15 local entrepreneurs running small and medium-sized enterprises (SMEs) to participate in the South African Business Showcase in the United Kingdom. The showcase is part of a series of events hosted during the South African Government’s “London Investment Week”, aimed at fostering cross-border collaboration and investment. London Investment Week is an unparalleled platform that brings together influential figures from both South Africa and the United Kingdom, including senior government officials, prominent business leaders and global investors.
These entrepreneurs, selected for their impactful contributions to their industries, innovative business propositions, and their roles as job creators, represent the dynamic potential of South Africa’s SME sector. They will have the once-in-a-lifetime opportunity to pitch for funding and connect with potential partners in the UK, showcasing their businesses to a global audience. Additionally, they will participate in a five-day immersion programme designed to empower them to scale their ventures. This programme includes practical workshops, networking opportunities, site visits, and mentorship from industry experts.
“We recognise that SMEs are not just businesses; they are the dreams, aspirations, and livelihoods of millions of Africans. In line with our efforts to become the Bank of the Entrepreneur, Absa aims to be the partner of choice for SMEs, fostering long-term relationships and becoming their primary financial ally as they scale,” said Ronnie Mbatsane, Managing Executive: SME Business.
The South African Business Showcase, taking place from 30 September to 4 October 2024, is part of Absa’s strategic partnership with various stakeholders to support investment interest in South Africa from the UK. The event aims to enhance collaboration between the South African and UK entrepreneurship ecosystems, focusing on connecting South African SMEs with major businesses and investors, facilitating market access, and exploring funding opportunities. The showcase will be attended by government ministers, selected entrepreneurs, corporate entities, and media representatives.
This initiative is one of several that Absa is supporting during London Investment Week. In collaboration with the Department of International Relations and Cooperation, Brand South Africa, and other key institutions, Absa has partnered on a series of events, including the opening gala dinner, which will be attended by the Deputy President of South Africa, Paul Mashatile, and other ministers. The events are intended to highlight South Africa’s vibrant SME sector and the significant role it plays in the country’s economic growth.
“This initiative forms part of our efforts, in collaboration with the Government of National Unity, to drive investment interest in South Africa from the UK, while marking 30 years of democracy and showcasing SME development in South Africa,” adds Mbatsane. “By showcasing the strength of our SMEs and the entrepreneurial spirit that drives them, we are also promoting a broader message of citizenship and national pride.”
Absa’s commitment to empowering Africa’s tomorrow, together, one story at a time is evident through its support for initiatives that foster growth and financial inclusion for SMEs, especially those led by women and youth entrepreneurs. The bank offers unique solutions designed with these business owners in mind, such as the Absa Emerging Entrepreneur and Absa Business She Thrives programmes. These solutions include a monthly fee waiver for six months on new Business Evolve accounts and access to funding of up to R5 million on an unsecured basis, supported by Absa’s Enterprise Development and Alternate Lending Solutions.
Additionally, Absa is dedicated to advancing financial inclusion by means of its 'Financial Inclusion through Entrepreneurship' initiative, which focuses on empowering small businesses and entrepreneurs. Through comprehensive Enterprise Development initiatives, the bank provides targeted support including access to finance, business development services, and strategic partnerships designed to address the unique challenges faced by black entrepreneurs.
“By providing tailored financial solutions, mentorship, and access to markets, Absa is empowering a new generation of entrepreneurs to overcome barriers and thrive,” concluded Mbatsane. “We believe in the potential of African entrepreneurs to drive economic growth and create sustainable jobs, and we are committed to supporting them every step of the way.”
