Business achievers honoured at awards ceremony
Ithala Development Finance Corporation Limited recently honoured top performing entrepreneurs at a glamorous gala dinner held at the Golden Horse Casino in Pietermaritzburg.
Thirteen finalists who are all previous business loan recipients from Ithala were shortlisted for the business competition under the following three categories: Agri Business, Manufacturing and Trade and Services.
Three winners, one from each category were awarded glass trophies and R10 000 prize money.
The ten runners-up were given certificates.
The winners were Khukhula Cleaning Services, Sizimpilo Nutritional Co-operative and Mattison Farm.
Addressing the ceremony, Business Finance Group Executive Matome Mashao congratulated the entrepreneurs for their courage and determination in starting their own business ventures.
“We know that starting your own business is never easy, it takes a lot of patience and hard work...today we applaud you for having made it this far,” he said.
Mashao also gave entrepreneurs reassurance that Ithala would always support them in their endeavours.
He said Ithala had since established a Business Support Unit to assist entrepreneurs and SMMEs.
“We have had instances in the past where projects and businesses have failed owing to a lack skills; our Business Support Unit was established to assist emerging enterprises become sustainable businesses.”
In addition, Mashao said, Ithala offered very low interest rates of 2% per annum on business loans.
Meanwhile, Ithala also held a successful two-day Co-operatives Conference at the Golden Horse Casino attended by more than 500 delegates from all over KwaZulu-Natal.
The conference was aimed at educating co-operatives about business opportunities, access to funding and how to draw up a business plan. It also gave co-operatives an opportunity to talk about some of the challenges that they encountered.
Speakers at the conference included those from the public and private sectors such as the Department of Trade and Industry, Durban University of Technology and Riskflow Enterprises.
In his address to delegates, Acting Ithala Group Executive Siphiwe Madondo encouraged innovativeness and cohesion among co-operatives.
He said SMMEs and co-operatives accounted for 6 million jobs in South Africa. Madondo called on particularly women and young people to take the lead in co-operative formations.
“Co-operative enterprise must be seen as an alternative and attractive form of enterprise for young people.”
However, he lamented a lack of understanding about how co-operatives were supposed to be managed in communities.
“Research has shown that 76% of small business owners are unable to name any organisation that gives help or advice to small businesses... these are some of the weaknesses that we need to move away from as co-operatives if we are serious about our growth,” he said.