Support for Small Business: Corporate Giants Join in

A recent initiative by corporate giants such as Revlon; First National Bank; the Small Enterprise Development Agency and Microsoft in association with Business Times; Spier Green Capital; Postnet; Gauteng Enterprise Propeller; Free State Development Corporation and Khula Enterprise Finance, saw a number of South African Entrepreneurs walk away with the funding they needed to realise their entrepreneurial dreams.

More than 6 000 business plans were submitted by entrepreneurs from all corners of the country; the competition was themed "Changing lives, Empowering enterprises" and comprised a R50-million price purse.

The Enablis FNB LaunchPad2008 Business Plan Competition required Small Medium and Micro Enterprises from around South Africa to submit groundbreaking business proposals for assessment under 11 categories, including agriculture; business and personal services; construction; information and communications technology (ICT); media and marketing; tourism and transport, among others.

Most entrepreneurs who entered the competition had little chances of growing their businesses into larger scale firms, accessing bank finance or becoming internationally competitive. This was largely due to the lack of basic skills, basic banking, funding, markets and financial services, said David Milligan, the head of growth and new markets for FNB Commercial.

His entity got involved in the competition because, "entrepreneurs of today are the 'big businesses' of tomorrow; supporting them in the present would have a positive impact on the future sustainability of the South African economy".

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For news on the 2009 business plan competition, watch this space.