Local SMEs stand the chance of winning R100 000 each 

Old Mutual has launched a competition to help local SMEs get back on their feet. Ten SMEs stand the chance of winning R100 000 each to kickstart their business’s growth. 

Ten SMEs stand the chance of winning R100 000 each to kickstart their business’s growth

Soul Abraham, Old Mutual Insure’s Chief Executive for Retail comments on the launch of the competition and the importance of supporting local SMEs.

“The lockdowns during the pandemic have devastated SA’s small businesses, but we know that small businesses and entrepreneurs are the lifeline to our economy’s recovery. As a business, we’d like to do our part to re-energise and support the sector as they start putting the pieces back together following a very challenging period, which is why we are running this competition.” 

Supporting local SMEs

According to analysts at McKinsey & Company, South African small and medium-sized businesses, operational pressures may lead to 60% of SMEs closing before the Covid-19 crisis is over. With SMEs majorly contributing to the local economy, supporting the growth and revival of these businesses is integral to the country’s economic growth and recovery.

According to reports, Old Mutual recently launched an entire campaign spanning three months targeted at entrepreneurs, small and medium-sized businesses. The campaign, amongst others, consists of a host of free marketing tools for small and medium-sized businesses in the form of an online toolkit called the Business Growth Box.

“To protect a business and ensure it withstands the challenging times we are in, using easily accessible and practical tools, resources, and support, can mean the difference between surviving or thriving during this economic downturn and digital age,” explains Abraham.   

The competition

Old Mutuals’ competition will provide 10 selected entrepreneurs with R100 000 each. The competition is open to any SME operational in any sector. 

In addition, each business that enters will also stand the chance to win a free webstore, invaluable in the digital age, as well as a Yoco point-of-sale device to easily and effortlessly transact.   

To enter, SME business owners must request and receive a quotation for insurance on their business.

“We recognise that the last 18 months have been very challenging for businesses, and we hope that this competition will be seen as a positive step on the ladder to back business,” concludes Abraham, adding that once businesses are back on their feet, they need to focus on protecting their businesses to last.  

All entries will go into a pool, following which 10 winners will be drawn during the month of June after the competition closes on 31 May 2021. 

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