SMALL BUSINESS
Unlocking growth in the SME sector This past year has tested the small business sector as they faced new challenges such as physical restrictions, multiple lockdowns and loss of revenue. But out of this crisis, one group of entrepreneurs has emerged stronger.
SAB Foundation Tholoana Enterprise Programme graduation ceremony
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Despite these challenging times, the 68 small businesses on the SAB Foundation Tholoana Enterprise Programme collectively recorded a 31% increase in turnover growth, created 169 new jobs and sustained 483 jobs. This was achieved during a time when the South African economy contracted by 8% and shed 2.2 million jobs. “Entrepreneurs are crucial to the growth of our economy and developing them is essential to create jobs and uplift historically disadvantaged members of our society,” says Bridgit Evans, Director of the SAB Foundation. “During one of the toughest economic times in recent history, we have been inspired by these entrepreneurs who made the commitment, and in many cases, pivoted their businesses, to not only survive, but indeed in many cases, grow. Seeing them being able to flourish gives us hope for the SME sector and we were both amazed and inspired to find that 100% of them survived last year. It shows that with mentorship and guidance entrepreneurs can be given the tools and the confidence to build sustainable business and create jobs,” she adds.
