By Excel Fongoma
The Gauteng Enterprise Propeller (GEP) has taken a significant step in supporting SMMEs by hosting the first Gauteng Funding Symposium.
The initiative aims to bridge the gap between emerging businesses and financial support, providing a platform for entrepreneurs to explore funding opportunities and navigate the challenges of business financing.
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GEP chief operating officer Imraan Khan highlighted the agency’s commitment to funding SMMEs across various sectors.
“Despite operating in different sectors, all funding partners share a common goal of empowering entrepreneurs through financial support. GEP offers a range of funding options tailored to the specific needs of businesses,” Khan said.
“As the first ever Gauteng Funding Symposium, this event marks a milestone for the region’s entrepreneurial ecosystem. It reflects a growing effort to streamline access to funding and improve application processes.
“These include grant programmes, business development programmes and long-term funding initiatives.”
He said that on average, the current funding size per business fell between R1.5 million and R1.7 million, though the actual amount depended on the sector and the nature of the funding request.
Unlike conventional lending institutions that operate on a rand-to-rand lending model, GEP assesses funding requests based on the cash flow potential of the business.
This approach ensures that entrepreneurs receive financing structured around their revenue generation capacity, making it easier for them to sustain and grow their operations.
One of the recurring challenges in accessing funding is the documentation required for applications. Many businesses struggle with incomplete and inaccurate paperwork, which can prevent approval.
To address this, GEP has implemented a dedicated contact centre and an application development support segment. It is designed to assist businesses in refining their applications to ensure they meet the necessary criteria and improve their chances of securing funding.
“While the Gauteng Funding Symposium serves as an essential networking and educational event, it does not directly provide funding to businesses. Instead, the symposium acts as a platform for entrepreneurs to connect with potential funders and gain valuable insights into the funding landscape,” said GEP deputy chairperson Phosane Mngqibisa.
“Our standard funding programmes remain available outside of this event, and we continue to fund businesses directly through those channels. GEP’s proactive approach in hosting this event demonstrates its commitment to supporting local businesses and driving economic development in the province.”
Mngqibisa said SMMEs played a crucial role in job creation and economic growth, and initiatives such as the symposium were essential in ensuring that businesses received the financial backing needed to thrive.
