Economic recovery is a crucial imperative for South Africa, as it paves the way for sustainable growth and urgently needed job creation. Among the various sectors poised to make a significant impact, entrepreneurship stands out as a powerful catalyst for change. By encouraging innovation, driving competition, and creating employment opportunities, this sector plays a key role in revitalising the nation’s outlook.
The government’s Department of Small Business Development (DSBD) set a goal to “connect at least 6,000 women entrepreneurs to markets by 2023”. The Bidvest Bank Sorbet-Preneur initiative has been a pivotal part of this effort to build an inclusive economy since 2021. It has provided funding, mentorship, and business opportunities to empower women and help them achieve market success.
Business ownership
Best described as an innovative empowerment programme, Bidvest Bank Sorbet-Preneur is designed to transform dedicated Sorbet employees into successful business owners. This programme offers selected Sorbet Citizens – employees who have demonstrated their commitment by working in a store for two or more years – the unique opportunity to establish and run their own franchise.
The rigorous selection process was completed, identifying candidates who showed exceptional potential. The 2024 franchise winners are Zelma Matinise from Cape Town, Julia Simelane from Diepsloot, and Nomalanga Mhlungu from Alexandra.
Hannah Sadiki, MD of Bidvest Bank comments on this year’s entrants, “The quality of applicants in 2024 far surpassed our expectations and reflects the growing talent in the industry. We are excited to be partnering with our winners on their journey as first-time business owners. Their innovative ideas and drive for success make them standout candidates, and we are confident that they will do exceptionally well.'”
The winners will receive 50% of the capital investment required to own their own Sorbet store in the form of a grant from Bidvest Bank. This will enable them to enter into franchise agreements with Sorbet, who are waiving the initial franchising fee for the winners. The remaining 50% will be a business loan payable over 5 years aligned to the franchise agreement. This funding can be used to set up and equip the various stores. In addition, the winners will benefit from a rigorous 12-month mentorship programme supported by all the sponsors and delivered by African Pursuit.
Sadiki adds, “As a bank that invests in SMEs, we know that true empowerment isn’t just about providing access to funding, it’s also about supporting entrepreneurs on their business journey and helping them to build successful and sustainable businesses. In keeping with our commitment, Bidvest Bank will assign a personal banker to each of the winners and give them access to a credit team to help them manage their business finances.
Through this sponsorship we are supporting and developing Small Enterprises and facilitating access to finance. Our strategy is to create an enabling environment for our winners to flourish. In everything we do, we look to support SMEs as they offer our country hope for sustainable economic growth and reduced unemployment,” .
The Bidvest Bank Sorbet-Preneur initiative is not only nurturing the entrepreneurial spirit, but helping to build businesses that will shape the future of our communities, our society, and our economy.
References:
- National Entrepreneurship Strategy – https://unctad.org/publication/national-entrepreneurship-strategy-south-africa
- South Africa builds new roadmap to revitalize entrepreneurship – https://unctad.org/news/south-africa-builds-new-roadmap-revitalize-entrepreneurship
Hannah Sadiki, MD Bidvest Bank; Julia Simelane, winner from Diepsloot Zelma Matinise, winner from Cape Town Nomalanga Mhlungu, winner from Alexandra Linda Sinclair, CEO, Sorbet Group
