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 | We partner eThekwini Municipality in innovative project to upskill small business |  |  |
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29 January 2004
Standard Bank and eThekwini Municipality have announced an innovative programme that will train and introduce hundreds of developing South African entrepreneurs to the mainstream economy.
In 2003 Standard Bank and other financial institutions signed the Financial Sector Charter committing to, among other areas, help empower and develop small, micro- and medium enterprises (SMMEs) run by those who have been denied access to financial services in the past.
Under the innovative partnership, Standard Bank will help with the upskilling of SMMEs selected by eThekwini Municipality with emphasis on drawing sound business plans, financial management, understanding and adhering to tax-and human capital management laws.
On completion, the selected entrepreneurs will be in a stronger position to access procurement opportunities from eThekwini Municipality, and the bank will provide them with financial services that suit their needs.
Upon the successful completion of the pilot programme, a full SMME capacity building programme will be rolled out to benefit more SMME's in the Ethekwini area. Standard Bank is currently also involved in discussions with other municipalities to roll out similar programmes.
Says Glen Jackon, Standard Bank's KwaZulu-Natal Retail Network Director: "We at Standard Bank believe that our country's success depends on the combined efforts of all its components: all Government tiers; business, big and small; and every South African. We recognise that Standard Bank contains a wealth of specialist skills, technical knowledge and infrastructure. We're committed to making these available to developing companies across the economy to help build their capacity.
"In the SME sector, we have advances in excess of R1,4 billion to BEE companies, representing approximately 18% of total SME advances. Valuable partnerships like the one we have with eThekwini supplement Standard Bank's long-standing programme of social investment activities and projects aimed at assisting communities that have contributed to our growth and success. This project is also our way of re-enforcing the commitment we made when we signed the Charter that we will, among other things, help the ordinary people gain access to financial services and job creation. This partnership is a consolidation of our ongoing efforts to provide appropriate services and products to both existing and prospective customers living in previously under-serviced areas."
Says eThekwini Municipality Mayor Obed Mlaba: "As local government, one of our mandates is to help empower people with skills that will enable them to create more jobs, thus alleviating poverty. One such avenue is through SMMEs, especially those from previously disadvantaged communities. We know that Government can only succeed in such a drive if we team-up with committed corporate citizens like Standard Bank."
At the same function, the Standard Bank Foundation also donated almost R1 million to six KwaZulu-Natal projects that specialise in education, assisting the disabled and promoting environmental awareness.
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