Old Mutual supports the SMME sector - key to economic growth in South Africa

Simpiwe Somdyala

The small, medium and micro enterprises (SMME) sector is key to unlocking inclusive economic growth and development, and driving entrepreneurship is one of the priorities identified in the South African National Development Plan.

To support this vital sector Old Mutual has signed up as a gold sponsor of the 3rd Cape Media SMME Opportunity Roadshow, an initiative that connects experienced entrepreneurs and businesses with SMMEs to provide advice, support and opportunities.

According to Simpiwe Somdyala, General Manager: Corporate Affairs, “Old Mutual, as a responsible business, recognises that the development of SMMEs contributes positively to the growth and sustainability of South Africa – and also our business.”

Old Mutual has a long history of supporting the sector and making a positive impact. During 2016, the company provided about R2 billion in SMME financing and R40 million was committed to the SA SME Fund launched by the CEO Initiative. A further R142 million was invested in community programmes that focuses on financial education and skills and community development.

Since being established in 2007, its Masisizane Fund, which focuses on financing, developing and supporting SMMEs, has disbursed about R400m in loans.  Last year 862 jobs were created through the Fund.

Somdyala concluded that “financial inclusion and giving the broader market access to financial education, advice and products is critical to the sustainability and growth of our country. By increasing the number of successful entrepreneurs who start, grow and sustain their businesses and create jobs, we help to drive the kind of economic growth that will benefit a broad base of South Africans. And what’s good for South Africa is good for Old Mutual.”

The 3rd Cape Media SMME Opportunity Roadshow kicked off on 20 April 2017 at the Emperors Palace in Johannesburg and will also visit Port Elizabeth, Durban and Cape Town.