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The Small, Medium and Micro Enterprises (SMMEs) in Johannesburg will soon benefit from a recently signed Letter of Intent (LoI) between the city’s Department of Economic Development (DED) and Sourcefin a financial specialist provider with extensive tendering knowledge.

“The City of Johannesburg has long recognized the significance of developing and supporting SMMEs and cooperatives to achieve the city's job creation targets and promote economic growth”, says Ms Lulama Ndlovu, Acting Director at DED and a signatory of the LoI on behalf of the City.

The DED provides both financial and nonfinancial support to pre-start-up, emerging, and established SMMEs. This process needs prompt financial support, reliable sourcing of goods, efficient logistics and project management including guidance for successful fulfilment of requirements. 

“In the past, the individual sourcing of solutions for these components from various private and public stakeholders has proven to be unsuccessful, burdening SMMEs with tedious processes to secure the necessary support. Consequently, SMMEs have faced difficulties in meeting order requirements, hindering their progress”, says Ndlovu.

Continuing she says, “As a result, DED approached Sourcefin to address these challenges and introduce their comprehensive product offerings at various Opportunity Centres in the Regions and these proved to be exactly what was needed by the SMMEs”.

"We firmly believe in a collaborative growth model," emphasises Joshua Kadish, Director at Sourcefin and signatory of the LoI. “At Sourcefin, we go beyond being a mere funding provider. We forge true partnerships with our clients, working side-by-side to ensure timely delivery with careful adherence to specifications. Our success is intrinsically tied to the success of our clients, which is why we have embraced a profit share model”.

Sourcefin offers a comprehensive suite of services that goes beyond funding, catering specifically to the unique needs of SMMEs. Through quick and accessible funding solutions within 48 hours driven by smart technology and a dedicated team, Sourcefin enables SMMEs to fulfill customer orders promptly and access much-needed cash flow through invoice discounting. 

Kadish says, “What sets Sourcefin apart is its commitment to providing a comprehensive support ecosystem. SMMEs partnering with Sourcefin gain access to expert guidance in critical areas such as procurement, logistics, project management and legal advice and most importantly we understand the environment in which our clients operate”.

The Opportunity Centres were established in the Regions to make it easier for emerging entrepreneurs to access expertise, training, education and equipment. Centres offer business enquiry, internet usage, business consultation, boardroom usage, jobseeker database registration and tender workshops amongst other services.

Issued by the City of Johannesburg