Page 8 - GrowSA News September

SME go

APLATFORMTOHELPSME’SRECOVER

“Through streamlining the
“SMEgo was initially designed to be an online, process, SMEgo not only
centralised funding application platform for SME’s. facilitates the growth of our
But by increasing access to finance and simplifying struggling SMMEs but also
the application process, SMEgo became a bridge
between funders and SMME owners”, says Rowan assists in reviving South
Spazolli, a lecturer at UCT and founding team member Africa's economy at a much
of SMEgo. needed, speedier pace,”
Spazzoli states.
President Cyril Ramaphosa’s call to strengthen SMMEs in South
Africa inspired Rowan and his team to launch a fintech platform Spazolli, also the spokesperson
to streamline the funding application process for SMMEs to for the initiative expresses his
recover from the pandemic. “Running a business in these times gratitude to a wonderful team
is difficult enough, finding support in the form of funding to get
SMMEs back on their feet shouldn’t be. contributing valuable assets to
the project, Wessel Venter, our
SMEs in South Africa:
very own GrowSA Chamber
• Represent more than 98% of business; Liaison Member, among others.
• Employ between 50%-60% of the country’s workforce
across all sectors; and
• Are responsible for a quarter of job growth in the private
sector;
but

• 73% did not operate during April 2020.
• 75% might close their doors.
• 68% of SMMEs were unsuccessful in their application for
COVID-19 relief funding.
• 71% needed it to operate after lockdown.
(According to McKinsey & Company, the CombatCovid SMME
Survey and Heavy Chef)

How the platform works

The business owner
1. Complete a high-level 10 question form providing SMEgo
with their company particulars.
2. Documents required are indicated – highlighting outstanding
information.

The system
1. The system determines which of the listed funding
opportunities are suitable for the SMME.
2. The information can be used for a once-off or for multiple
applications.

The funders
1. List funding opportunities on a single platform and manage
the application process online.
2. Have access to information about the SMME from a single
dashboard.
3. Communicate their decision whether to fund or not by
updating the application status.
4. Receive completed application forms, thus reducing their
administrative burden.

Visit www.smego.co.za for more informa�on September | GROWSA MONTHLY NEWS 8