Unlocking Small Business Finance: The Access to Finance Roadshow by South Peninsula Chapter
The South Peninsula Chapter and the Financial Systems Business Environment Portfolio Committee addressed some of the primary challenges faced by small businesses during last week's Access to Finance Roadshow and Business Showcase.
The event, hosted at False Bay College's Westlake Campus, aimed to empower entrepreneurs by providing valuable insights into various tailored financial solutions available through private and public financial institutions.
Candice Shunmoogam, a Cape Chamber member and the founder of Virtual FO, emphasized that two key factors drive a business's success: access to the market or customers and access to finance.
She noted, "A finance roadshow of this magnitude makes a lot of sense for businesses in the South."
Candice pointed out the increasing relevance of alternative finance solutions, making it intriguing for small businesses to access finance. These solutions often do not require substantial upfront collateral, which can be a significant obstacle, especially for small startups.
Drawing from her extensive experience as a former J.P. Morgan South Africa Corporate & Investment Banker, Candice also highlighted the evolving accounting systems within financial service providers.
"Some developments in accounting systems incorporated into financial service providers are game changers, coming at considerably lower prices than traditional ones," she said.
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Discussing common finance challenges, Candice stressed the importance of being "finance-ready."
It goes beyond merely maintaining good accounting practices and extends to the ability to articulate your business's journey effectively. This is vital for convincing funders that they will receive a solid return on investment.
Candice concluded that the Access to Finance Roadshow provided an enriching experience, offering a valuable platform for knowledge sharing and networking.
She said that the Cape Chamber's events have consistently delivered great value that entrepreneurs looking to explore diverse financial opportunities for their businesses, these events are a must-attend.