MALKERNS – The Standard Bank Chief Executive Mvuselelo Fakudze said small and medium enterprises (SMEs) drive economic growth as their money revolves around the economy and that the bank stands ready to partner with them.
Speaking at the Grow Beyond Borders seminar hosted at House on Fire on Wednesday, Fakudze said other than multinational corporations, SMEs money revolves around the economy.
Fakudze said multinational corporations make billions of dollars, but that money is never felt by local economies.
“Because they are very large, big projects. Maybe they are funded by larger institutions outside this country.
“An entrepreneur will be funded by a local bank, or by a neighbor, or by a family member, and that money revolves in the economy. That’s where economic growth starts, and I’d like to partner with you as a bank of choice,” Fakudze said.
Fakudze said Standard Bank wants to find and finance viable business proposals from SMEs, emphasising that entrepreneurs must normalise engaging business development experts in order to draft for them finance-able proposals.
“So make sure that your brilliant idea, and I know you entrepreneurs love your ideas, but just get a smart person to write it up for you. Because if you don’t do that, you’re not going to go through these great people. They will throw it out the window,” he said.
Fakudze said common issues from business proposals include risks, issues of cash flow and value chain.
“Everywhere we go, we’re looking for cash. If we can find the cash, we’re going to find a solution for you. So we look forward to partnering with you now and into the future,” he sai
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