Small business owners in Durban set up committee

A GROUP of small business owners in ward 28 have created a Business Economic Committee (BEC).

The committee was launched on Saturday at the Pastoral Centre in Umbilo where over 20 business owners and a financial adviser attended the first meeting. Ward 28 encompasses areas of Berea and Durban Central.

Amos Mtshali, chairperson of the BEC, said the idea has been in the works for over three years now.

“Most of us started small and now we have our own businesses but as an individual you cannot unlock a lot of opportunities but as union you can win. We formed so that we can share information and resources so that we can grow our businesses,” he said.

“Most small businesses in the ward are not well resourced or skilled so another purpose of forming this committee is to assist them and address those challenges.”

ALSO READ: Ambulance association to take legal action if RAF miss payment deadline

Mtshali, also a business owner with his own school in the area, said they cannot wait for big industries to come to Ward 28 and build big malls that he said would kill small businesses.

Sifiso Nduli, director of the Small Business Academy, said it was important that this committee is different to the many other business committees that exist across the country.

“There’s a tendency to not invest in processes but rush results,” said Nduli. “Small businesses create a lot of employment in SA and receive a lot of funding from the government so much so they become very susceptible to corruption and we must resist that.”

ALSO READ: R47m World Cup fraud case adjourned

The meeting was headlined by Ntobeko Mzolo, a business banker at a major bank. Mzolo took questions from the committee members regarding how they could improve their credit rating, apply for funding and how banks can help sustain and grow their businesses.

Mzolo explained to the committee the main hindrances of small businesses receiving funding. “The banks looks at you specifically, how your statements are and how you running your accounts. It all speaks into your character and reliability,” said Mzolo.

Mtshali said they have planned more workshops for next year before adopting a plan for concrete goals BEC wants to achieve.

Do you want to receive news alerts via Telegram? Send us a message (not an sms) with your name and surname to 060 532 5535.

You can also join the conversation on Facebook, Twitter and Instagram.

PLEASE NOTE: If you have signed up for our news alerts you need to save the Berea Mail Telegram number as a contact to your phone, otherwise you will not receive our alerts

Here’s where you can download Telegram on Android or Apple