The entrepreneurs from previously disadvantaged backgrounds are facing the ups and downs of the early stages of the business lifecycle.
The funding is part of the bank’s on-going commitment to growing Small, Medium and Micro Enterprises (SMMEs) as the engine room of the economy.
A certificate awards ceremony was held at the centre for the entrepreneurs who completed training at the centre.
Speaking at the awards ceremony, marketing manager of the centre Gavin Meiring noted that 70 percent of SMMEs in South Africa closed in the first year of operation and that the latest Stats SA report showed that the skills level of black people aged 25 to 34 had regressed since 1994.
“Since many young people turn to entrepreneurship due to a lack of opportunity elsewhere in the economy, they don’t have the skills that are necessary to build successful and sustainable businesses,” he said.
“They need advice, networks, resources, training and support. The role of the Branson Centre is all encompassing in this regard.”
The 70 entrepreneurs completed two courses; a foundation and advanced course which cover finance, governance, human resources, marketing and strategy to name a few.
These entrepreneurs managed to grow turnover by at least 100 percent and create 200 new jobs.
Ntshantsha Tafeni, whose company Yivani Naturals manufactures beauty products using indigenous oils doubled her business.
“I secured a major client in the United Kingdom and received orders to the value of R167 200,” she said. “I also presented to James Caan of Dragon’s Den fame and Nedbank, and continue to receive many invitations to industry shows and networking events.”
Although the services provided by the centre are free of charge, the selection process is fairly rigorous and includes an online application and interviews.
The centre is an initiative of Virgin Unite, the non-profit foundation of the Virgin Group.
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