Nedbank has launched a program to support small businesses in growing. Prior to the pandemic, small and medium-sized enterprises were a key sector in the South African economy, employing 60 percent of the labor force, accounting for 91 percent of formalized businesses, and accounting for around 35 percent of the country’s GDP. Because of the epidemic, this status quo has since changed.
Small businesses have faced challenges as a result of the COVID 19 outbreak throughout the last year. Many small firms have been forced to close, leaving the economy vulnerable and weak. The Nedbank Big Things for Small Businesses campaign is thus aimed at addressing the challenges that small businesses that survived the pandemic and those that are currently arising confront.
Sandrine Prinsoloo, Nedbank’s Head of Marketing: Business Banking, Small Business, and Professional Banking, said in a statement about the campaign, “Small businesses contribute considerably to employment in South Africa and a significant amount to our GDP.” We’ve watched them struggle and, in some cases, crumble under Covid-19, so we’ve revived the campaign to provide them a much-needed boost during these trying times.’
The Big Things for Small Businesses program gives twenty small enterprises the chance to earn a share of R 1 million to assist them grow their businesses. Each company has a chance to win R50 000. According to the Nedbank Head of Marketing representative, this effort is expected to help small businesses grow and expand in order to aid the local economy’s recovery from the effects of COVID 19.
The expansion of small enterprises will help to improve the country’s unemployment rate, which has risen dramatically since the lockdown. According to Stats SA, unemployment has reached a record high of 34% since the fourth quarter of the year.
The campaign began on September 27th and is slated to last until November 30th, 2021. Small businesses interested in participating must open a Startup Bundle account through the Nedbank Money app or by visiting Nedbank.co.za/small-business-services. The Startup Bundle account is designed to make banking easier for small enterprises. Nedbank also offers ‘beyond banking’ solutions to support small businesses with solutions that will aid business owners in growing and sustaining their operations.