Johannesburg, 2023
Sourcefin and GEP partner for growth. In a monumental stride towards reshaping the support landscape for small businesses in the City of Johannesburg, Sourcefin, a leading financial specialist, and Gauteng Enterprise Propeller (GEP), a stalwart in fostering economic development, have united forces. This collaborative effort introduces a multimillion-rand fund of R150 million, specifically designed to provide substantial financial support and comprehensive assistance to small businesses, SMMEs, and cooperatives operating in the city.
Closing the Financial Gap
Joshua Kadish, CEO of Sourcefin, remarked on the profound impact this partnership is poised to have on enabling small businesses to fulfil their commitments. Despite SMMEs contributing a substantial R3 trillion to the GDP, Sourcefin identifies a staggering funding gap exceeding R4 billion for small businesses in South Africa. Kadish emphasises the critical role of financial support and strategic training in establishing growth and sustainability.
Strategic Training Initiatives
Recognising that financial backing may fall short, Sourcefin is committed to providing targeted strategic training to SMMEs. Kadish highlights the importance of aligning mandates with GEP to cover a broad spectrum of transactions and address diverse needs. Sourcefin’s support extends beyond finance, incorporating technology, innovation, and additional networks at no extra cost.
With the endorsement of the Dept of Small Business Development
Thulisile Manzini, Gauteng’s Director-General for the Ministry of Small Business, underscores the significance of SMMEs in the South African economy. She emphasises that SMMEs are pivotal in job creation and addressing poverty. The collaboration with Sourcefin, a financial specialist, aligns seamlessly with GEP’s mission, poised to bring positive opportunities for SMMEs.
Positive Impact and Defragmentation
Manzini anticipates positive contributions to defragmenting the sector and improving coordination on funding activities in the country. The partnership introduces an additional R150 million budget per annum from Sourcefin, benefiting SMMEs beyond GEP’s funding capacity. GEP CEO Saki Zamxaka emphasises the potential for effective funding solutions, meaningful economic growth, and increased job opportunities within South Africa.
Sourcefin’s Track Record
Sourcefin’s successful collaboration with the City of Johannesburg, advancing over R85 million to beneficiaries in the past three months, underscores their commitment to tangible outcomes. This partnership signifies more than just financial support; it’s a holistic approach to nurturing the growth and success of small businesses in Johannesburg.
This monumental partnership between Sourcefin, the financial specialist with a focus on providing SMEs with comprehensive services, and GEP, a key player in driving economic development, marks a significant chapter in the empowerment of small businesses in Johannesburg. The infusion of R150 million in funding is set to catalyse economic growth, job creation, and sustainable development.
For media inquiries, please contact
Pranashan Naidoo
Head of Sales and New Partnerships, Sourcefin
About Sourcefin
Sourcefin is a financial specialist with a mission to empower SMEs by delivering a full suite of services, including financing orders, sourcing goods, negotiating cost savings, and providing strategic guidance. Their commitment extends beyond financial support to encompass technology, innovation, and additional networks.
About Gauteng Enterprise Propeller (GEP)
GEP is a leading force in fostering economic development, especially for small enterprises. Their mandate is to assist small enterprises with both financial and non-financial support, aligning with the broader goal of contributing to the growth and sustainability of businesses in South Africa.
