South African Future Trust 2.0 launched at WeWork in Rosebank
Now that the Covid-19 crisis has passed, The South African Future Trust announced at WeWork in Rosebank that it intends to redirect its resources towards empowering and enabling SMMEs.
When seeing the country in crisis during Covid-19, the Oppenheimer Foundation raised its hand and introduced the South African Future Trust 1.0. Three years later, the foundation has established the South African Future Trust 2.0, which aims to empower entrepreneurs by offering financial and non-financial support.
At the South African Future Trust 2.0 media launch on September 12 at WeWork in Rosebank, event MC Tumi Mothotoane said the statistics show a 0.2% increase in unemployment. This has seen the encouragement of small, medium and micro enterprises’ (SMMEs) growth. Most of these SMMEs received loans from the South African Future Trust 1.0 to help revive business during Covid-19 and 20% of businesses have paid back the loans as commitment to help out other upcoming businesses.
Executive chairperson of the Oppenheimer Foundation Jonathan Oppenheimer said they were able to donate R1 billion to the SMMEs within 35 working days through partners. He said they had 40 000 loan applications and the only sad thing was that they ran out of money.
He said that in the trust’s 2.0 version, they are going to effectively be catalysing the SMME space. “ This, so that we can wrap our arms around what is the engine of South Africa and fuel it to run effectively. Remembering the history of South African Future Trust 1.0, the extraordinary instant response they gave – and recognising the same entrepreneurial dynamic vibrant spirit – and we are talking about how we translate that into South African Trust 2.0.
“We need to think about how communities can come together and own businesses within their spaces. We are excited about creating and reinventing hyperlocal sustainable community economy while protecting the environment.”
CEO of South African Future Trust Nico Jacobs said the world of workers gives you connectivity while the world of owners teaches you to be resourceful. He said they started engaging with their customers and asked what they needed. “They highlighted needing help in finance and access to non-finance assistance – 2.0 works with partners and unlocks capital out there and invests in businesses.”
He said they will measure the success of what they are trying to achieve by seeing each local community ask for more of the South African Future Trust.
To herald this evolution, the trust will be hosting a two-day summit for up-and-coming entrepreneurs. The inaugural South African Future Trust Summit, which will be held on November 22 and 23 at the Gallagher Convention Centre, Midrand, will offer a forum for entrepreneurs to unite and work together towards empowerment, innovation and development.
Details: Bookings for the SA Future Trust Summit are now open and can be made on the trust’s website at https://summit.southafricanfuturetrust.org/.
Related articles:
https://www.citizen.co.za/rosebank-killarney-gazette/money/business-rescue-assessment-in-the-covid-19-era/
