Absa’s Centre of Entrepreneurship at forefront of Newtown’s small business boom

Absa’s Centre of Entrepreneurship in Newtown, Johannesburg has helped over 1500 budding entrepreneurs since its launch less than a year ago, the company today announced.

Thanks to the Centre’s free “access to basic communications technology, business support services, which include consultations, business facilities and infrastructural support,” it has effectively lent a helping hand to entrepreneurs who cannot afford the massive initial overheads associated with starting a business.

“For local start-ups, the landscape has dramatically shifted: Costs to start and run a business – especially day-to-day expenses – have significantly increased,” explained Oscar Siziba, the Provincial Head of Absa Business Banking in Gauteng.

“Access to relevant non-financial support such as communications technology, office equipment and space or business consultation and training is important for business growth. We are proud that through offering this non-financial support, Absa’s Centre of Entrepreneurship brings more small business enterprises online and makes it easier to set up and grow a business,” concluded Siziba.

The bank has helped some of the most promising startups on the town’s map today, with the likes of Vonani Mathebula’s Brains Empowerment (Pty) Ltd. and her successful Women Magazine. To date, the publication has pushed 33 800 copies with Vonani lauding the services offered by the Centre of Entrepreneurship.

She is not the only entrepreneur to benefit though.

“Through the bank’s Procurement Portal,” notes the presser, “a virtual marketplace that connects SME suppliers with Blue Chip companies and government bodies” is constructed. Essentially this Portal has allowed the growth of the more than 23 000 SMEs and 3450 Corporate buyers registered.

The bank will also be offering new services that include BEE certificates and internet connectivity, which will further improve growth of startups and SMEs in the area.