The workshop was held in partnership with the Metropolitan Trading Company (MTC), First National Bank (FNB), and the Department of Economic Development to educate traders about business plans, financial services, business opportunities and other support services available to the small medium and micro enterprise (SMME) sector.
During his keynote address, the Chief Executive Officer of the MTC, Alfred Xolani Sam, challenged financial institutions to help SMMEs to develop their businesses, reports Joburg.org.
"The government has a major challenge in terms of addressing the plight of the poor in this country, but cannot do it alone. It is through partnerships that the government can win this war on poverty," he said.
Arnold Stokey, FNB's start-up specialist, said starting and running a business were not easy tasks. They required a willingness to make sacrifices, especially during the early years.
"Before you get started find out who your competitors are and whether the market can sustain your business," he advised.
Informal traders also learned about the importance of writing business plans before approaching banks for loans. "The banks should have an idea in which direction a business is heading," he said.
The deputy director of the City's Informal Trading Programme, Xolani Nxumalo, identified projects that Joburg had initiated to develop SMMEs.
These included its commitment to the Expanded Public Works Programme, a national government programme aimed at creating temporary work for the unemployed, and Grow your Business, which is aimed at improving the skills of informal traders.
"The city aims to create an environment in which SMMEs can expand. We have no intention of disrupting anyone's livelihood," he said.
The MTC is a municipal-owned entity set up to take care of informal traders and taxis, giving developmental support to the sector and managing the facilities the city has set aside for micro retailers and taxi operators.
Article published courtesy of BuaNews
