Latest news with #JobsFund
Daily Maverick
02-05-2025
- Business
- Daily Maverick
Standard Bank's Kasi SME pitch challenge goes national as government doubles down on job creation
Opportunities for South African entrepreneurs have never looked brighter. Standard Bank's Kasi SME Pitch Challenge is going national, offering funding and exposure for township businesses across the country, while the Jobs Fund provides support for innovators in green and informal economies. Standard Bank is throwing a lifeline to township entrepreneurs, launching the third Kasi SME Pitch Challenge. With R60,000 up for grabs in provincial prize money and a shot at R500,000 at the national finals, this isn't just another competition – it's a major private-sector push to support job creation and economic growth. For the first time, township businesses from all nine provinces can compete for funding, exposure and the chance to scale their impact. The Kasi SME Pitch Challenge, a centrepiece of the Standard Bank Kasi SME Summit, previously focused on Gauteng. Now, its expansion is set to unlock new growth and job opportunities in township economies across the country. This initiative is part of Standard Bank's broader commitment to empowering township economies, building on its Enterprise and Supplier Development programme that provides tailored support to black-owned businesses. Applications for the Standard Bank's Kasi SME pitch challenge close on Tuesday, 6 May 2025. In each province, 15 entrepreneurs will be shortlisted to pitch to a panel of judges. The top three in each province will win R30,000, R20,000 and R10,000. The top two per province will receive a pitching masterclass and will advance to the national finals, where the stakes rise with a R500,000 prize pool and national exposure for their businesses. 'The Standard Bank Kasi SME Summit is more than an event – it is an essential platform for economic development within South Africa's townships, and its benefits extend far beyond the event itself. By expanding the pitch challenge nationally, Standard Bank deepens its impact on South Africa's township economies, helping even more local businesses navigate typical business challenges, constraints to market access, and build sustainable enterprises,' said Naledzani Mosomane, head of enterprise development for business and commercial banking, Standard Bank South Africa. Real impact Calab Baloyi, founder of Nosso-Sunflower Oil, went from running a garage operation to a thriving business owner after taking fifth spot in the Standard Bank Kasi SME Pitch Challenge, winning a R50,000 cash prize. With the prize money, he paid off the deposit for his oil extraction machine and upgraded his facilities, boosting production capacity from 1.2 tonnes to 7.5 tonnes a month. The competition taught Baloyi valuable skills, including effective storytelling and confident public speaking. His advice to aspiring entrepreneurs? 'Practise your pitch, understand your financials and showcase your unique value proposition.' Government's effort The government is also playing its part – on Wednesday, 30 April, the Jobs Fund announced a new funding round for innovative solutions that address critical employment barriers in South Africa's green and informal economies, with grants starting at R5-million. The Jobs Fund had invited proposals from public, private and non-profit intermediaries addressing barriers such as technology, infrastructure, regulation, market access and working conditions. The timing couldn't be more urgent. Despite a modest dip in South Africa's overall unemployment rate to 31.9%, youth unemployment remains alarmingly high at 44.6%, with women and young people bearing the brunt of the jobs crisis. 'This initiative comes at a time when unemployment, especially among youth and women, remains a pressing challenge. The fund seeks to support creative, scalable interventions that will contribute to sustainable job creation and stimulate inclusive economic growth in high labour absorptive sectors,' the Jobs Fund said in a statement issued by the National Treasury. First established in 2011, the Jobs Fund emerged from President Zuma's State of the Nation Address in February of that year, before being officially launched by the Finance Minister in June. With an initial allocation of R9-billion, the fund was designed to drive innovative approaches to job creation through co-financing projects with public, private and non-governmental organisations. The previous funding rounds have disbursed R7.4-billion, creating 210,719 permanent jobs and 114,534 short-term jobs and internships, and supporting more than 63,000 SMEs and 16,000 emerging farmers. The new round targets projects in renewable energy, sustainable agriculture, green mobility, waste and water management, and informal sectors such as street vending and small-scale manufacturing. Applications close on 5 June 2025 at 3pm. What this means for you The simultaneous push from Standard Bank and the Jobs Fund means more than just funding – it's a coordinated effort to unlock jobs, skills and economic growth in the sectors and communities where they are needed most. Township entrepreneurs now have a national platform to access capital, mentorship and exposure, while innovators in the green and informal economies can tap into substantial government support. These initiatives are designed to help businesses grow, employ more people and contribute to inclusive economic development. Eligibility and requirements Township entrepreneurs eager to take part in the 2025 Standard Bank Kasi SME Pitch Challenge must meet these criteria: Eligibility: Black South African citizens only; Registration: Must be registered with the Companies and Intellectual Property Commission (CIPC) or operate as sole proprietors; Ownership: Businesses must be at least 51% Black-owned and hold valid B-BBEE accreditation; Revenue: Annual turnover should range between R0 and R5-million; Operational History: At least 12 months in business, with a business profile and proof of ID; and Exclusions: Non-profits, NGOs, co-operatives, joint ventures, and Standard Bank employees are not eligible. The requirements for the government Jobs Fund are: Those wishing to apply can visit the Jobs Fund website at [email protected]. Both opportunities offer practical support and real pathways to growth for South Africa's entrepreneurs and job creators. DM
IOL News
02-05-2025
- Business
- IOL News
Jobs Fund launches new funding round to boost employment in green and informal economies
As unemployment rates soar, particularly among the youth and women, this initiative represents a concerted effort to stimulate job creation and foster inclusive economic growth. The Jobs Fund has announced a new funding round aimed at tackling the pressing employment challenges facing South Africa's green and informal economies. As unemployment rates soar, particularly among the youth and women, this initiative represents a concerted effort to stimulate job creation and foster inclusive economic growth. According to the National Treasury, the Jobs Fund has made significant strides in transforming the labour landscape since its inception, disbursing R7.4 billion to various partners. Treasury on Wednesday said the previous funding rounds resulted in the creation of more than 210 000 permanent jobs, alongside 114 534 short-term positions and internships. The support extended to more than 63 000 small, medium, and micro-sized enterprises (SMMEs) and approximately 16 000 emerging farmers speaks volumes of the Fund's commitment to economic upliftment. With a keen focus on innovative, scalable solutions, the funding round targets two vital sectors: Green Economy: This includes initiatives in renewable energy, energy efficiency, sustainable agriculture, agri-tech, green mobility, as well as waste and water management. This includes initiatives in renewable energy, energy efficiency, sustainable agriculture, agri-tech, green mobility, as well as waste and water management. Informal Economy: This encompasses street vending, small retail and manufacturing, and care and repair work. Treasury said eligible proposals must seek to address crucial barriers in the labour market, such as technology access, enabling infrastructure, regulatory challenges, and poor working conditions. The Jobs Fund encourages applications that are not only implementable and scalable but also have a measurable impact on job creation. Key details of the funding round reveal that the minimum grant amount is set at R5 million, with matched funding structured as 1:1 for private or public sector partners and 1:0.5 for not-for-profit entities. Sustainability is a core focus; thus, proposals must demonstrate long-term financial and operational viability. Treasury said interested applicants can submit their proposals via the online application form, with the deadline for submissions set for 5 June 2025 at 3pm. Late submissions will not be accepted, highlighting the need for diligent planning among potential applicants. For further information, including access to the Term Sheet for this funding round, answers to frequently asked questions, links to the online application form, and details about briefing and training sessions, interested parties are encouraged to visit the Jobs Fund's official portal. BUSINESS REPORT
