Assisting our SME’s to grow through Enterprise Development
The ABSA Presentation was held at the Sasolburg Petrochemical & EPC Roadshow- 3rd Nov 2022
- Absa SME value proposition is designed to make life easier for our clients by providing easy to use and cost effective transactional products such as the Absa Business Evolve account that evolves as the business grows from the start-up phase.
- The proposition has an integrated accounting tool embedded, called Cash-flow Manager – which allows entrepreneurs to access real-time business analytics, produce online quotes and invoices as well as access to a full payroll feature. It makes it much easier for business owners to stay on top of their financials, even with limited accounting knowledge.
- We launched Absa Mobile Pay early in 2022. The solution allows Absa merchants to use their Android smartphones as a Point of Sale (POS) device by simply downloading the Absa Mobile Pay App from the Google Play Store
*Absa SME Funding
- Absa’s Enterprise Development division lending standards are specifically designed to enable SME’s to access finance taking into consideration the reality that they would not necessarily have a lengthy trading history or balance sheet to support the required lending.
- We place greater reliance on the strength of the SME’s financial cash flow projections, ability to perform and quality of the business model or underlying contracts than current financial strength. This approach enables us to improve SME’s access to finance and broadens financial inclusion.
- Absa Enterprise Development collaborates with multiple corporate entities across different sectors to offer access to finance to previously disadvantaged SMEs who have been awarded contracts to implement projects in the supply chain of these corporates. We provide access to finance to the qualifying SMEs without the need to provide collateral.
* Business Development Support
- Absa Enterprise Development provides non-financial support to our SME’s to improve the management and sustainability of their businesses.
- The non-financial support is designed to provide the SME with targeted interventions that are informed by the gaps identified in our diagnosis. This may include but not limited to financial management training, internal controls, marketing and sales management or operational efficiencies. We have a deliberate focus on assisting our SME’s to utilize digital enablers to optimize their time. This includes access to online business mentorship and coaching through our strategic partnerships.
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