Nedbank in association with the National Small Business Chamber (NSBC) has launched something of a social movement to drive South Africa to rally behind the country’s small and medium enterprises (SME) sector.
Titled Nedbank Small Business Friday, the initiative seeks to drive awareness of the importance of the role of small business in the South African economy. This is a build up towards Friday the 7th of September, a day anointed as the symbolic day for everyone – from consumers to large corporations – to support small businesses.
Nedbank Small Business Friday was inspired by Small Business Saturday, a successful initiative started in the U.S. by American Express in 2010. In just two years, Small Business Saturday has grown into a coalition of hundreds of small business advocacy groups, public officials, corporations and small businesses across the U.S. that annually recognises the important role small businesses play in fuelling the economy. Most importantly, it encourages consumers to help strengthen their local communities by supporting the small businesses they love, and patronising their favourite local retailers and restaurants.
“We are delighted to bring the Small Business Friday movement to South Africa as part of our continued focus on partnering SMMEs for growth for a greater South Africa. Notably, every small business on average creates employment for approximately ten people and for every job created there is a multiplier effect as the money spent from their income further stimulates economic activity in their local community,” said Nedbank’s Group Managing Executive for Retail and Business Banking, Ingrid Johnson.
“We believe more needs to be done to support this sector as it is the engine for job creation and economic development. It is through interventions such as the Nedbank Small Business Friday that we can all make a difference. The time is now to mobilise society and go BIG by supporting small business,” said NSBC founder Mike Anderson.
“Through the Nedbank Small Business Friday movement, Nedbank invites the private sector, government, and the community at large to join us in celebrating small business. We believe collectively, we can assist in unleashing the entrepreneurial spirit of people and fuel economic growth in our local communities. This will enhance South Africa’s competitiveness and service levels in the SMME sector- the time is now to call on your support and Vote Small Business,” said Johnson.