FNB and Seda team up to assist small business

First National Bank and the Small Enterprise Development Agency recently teamed up to help small enterprises.

First National Bank and the Small Enterprise Development Agency recently teamed up to help small enterprises.

The service includes helping emerging business people to write successful business plans so they can secure finance. Entrepreneurs will also receive help in deploying finance and learning how to manage business risks.

Biznetwork, the bank's multimedia platform, helps to ensure optimum interaction and networking among its members.

Quarterly seminars are also held to share information on fundamental issues such as the day-to-day running of a business.

Plans are afoot to extend the Biznetwork platform to accommodate the agency's small business network to reach more entrepreneurs.

The programme will be extended to other regions if it succeeds.

Seda has 38 branches and FNBabout 700 countrywide.

FNB might also place representatives in Seda's branches to help businesses with finance and business risk management.

Iris Dempsey, chief executive of FNB's commercial banking unit says: "The growth of entrepreneurial activity in South Africa has redefined business banking and challenged us as a bank to be innovative.

"We have moved away from the industry norm of offering shelf products, to putting risk structures in place and assisting small businesses. We have insight into risk, which enables us to gear up the success factor in small businesses."

Dempsey says South Africa lacks sufficient entrepreneurship.

Wawa Damane, chief executive of Seda said she would like to see entrepreneurial flair developed in business courses so graduates are motivated to start their own businesses.

Damane said: "Lack of ambition cannot be blamed for the low level of entrepreneurial ability, so education must play a bigger role."

Damane said Seda cannot provide members with everything they need, such as access to finance.

"But the partnership with FNB provides a seamless link to jointly offer an integrated service solution to our common customer, the entrepreneur," said Damane.

Visit the branches of these institutions to find out how they can help small and emerging businesses.

Both organisations have websites that provide more information. For more information go to www.seda.co.za and www.fnb.co.za.

l Information for this article was sourced from The Second Business.