News Roundup for Busy Entrepreneurs 30 April 2017

Every week Finfind selects some of the newsworthy articles from local and international media to help keep busy entrepreneurs up to date and informed about the latest happenings in the world of SME Finance and other SME news. Enjoy.

Minister of Small Business Development launches Youth Entrepreneurship Centre in Free State

Small Business Development Minister Lindiwe Zulu on Friday, 21 April 2017, launched the Centre for Entrepreneurship in Welkom, Free State, saying such a centre will promote entrepreneurship as a career of choice. The centres is the ninth such hub in the country.

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 SA downgrade ‘nearly irrelevant’ to startups

Michael Jordaan, one of the country’s most respected venture capital (VC) investors, but he believes the downgrade is “nearly irrelevant” to startups.

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Warnings by Telkom’s Chairman about radical transformation

Telkom chairman Jabu Mabuza has warned that the expropriation of “white monopoly capitalist establishments”, land, and banks will lead to economic disaster. His comments followed similar ones from Altron CEO Mteto Nyati, who warned that radical economic transformation will destroy South Africa’s economy.

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 Ekurhuleni – R12bn set aside for SMMEs

The mayor of Ekurhuleni Mzwandile Masina has said that the city has set aside R12 billion for youth-owned businesses and small, medium and micro-enterprises (SMMEs) to reposition themselves as capable and preferred service providers to government.

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SITA board backs SMME contribution in ICT

The State IT Agency (SITA) board has taken a strong stance to support and improve the participation of small, medium and micro enterprises (SMMEs) in SA’s ICT space. SITA chairman Zukile Nomvete said, “If we don’t make sure we have new players in the ICT space, we would have failed South Africa. If SITA doesn’t do it, nobody can. We are the main agency in government for ICT in SA.”

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SME survey of 39 counties reveals one of the lending constraints is the lack of financial knowledge

A new OECD report on SME financing in 39 countries around the world suggests that while lending to SMEs is improving, a stronger economic recovery is being held back in part by demand-side barriers – such as low demand for credit and small business people’s lack of financial knowledge.

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What SA can learn from the burgeoning tech scene in Poland

Poland has positioned itself as the major tech hub of central and eastern Europe. Its roster of companies with multi-million dollar valuations is growing. Read about six lessons South Africa can learn from Poland’s tech scene

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Late-paying municipalities (councils) in the UK push SMEs to invoice finance

The slowest-paying local authorities in the UK took on average 38 days to pay their suppliers last year, new research has revealed. Slow payments from local councils should not cause a roadblock for SME businesses’ potential for growth. Small businesses should be aware of all avenues they can explore for funding, including using unpaid invoices to their advantage, by borrowing against them.

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SME lending gap in region must be filled, urges Arab Monetary Fund

The Arab Monetary Fund (AMF) said there is a 300 per cent funding gap for small- and medium-sized enterprises (SMEs) in the region that banks are not filling. The Abu Dhabi-based fund said that while SMEs make up 80 per cent of businesses in the region, only one in five has a loan or line of credit.

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