Transformative Partnership Tackles Barriers To SMME Funding 

Small, medium and micro enterprises (SMMEs) are a crucial component of the South African economy, contributing to approximately 40% of the country’s GDP and millions of jobs. However, many SMMEs are denied opportunities due to a lack of funding and inadequate business support.

The Black Management Forum (BMF), a non-profit organisation that seeks to bolster and develop solutions for black leaders through socio-economic transformation and affiliation, has joined hands with Sourcefin, a leading alternative funding provider and fintech dedicated to quick and easy funding solutions for SMMEs across the country.

 Announced earlier today, the partnership between the BMF and Sourcefin seeks to enhance access to financial resources and promote sustainable enterprise development. By combining the solution-driven strategy of the BMF to advance and empower black businesses through inclusive growth, and Sourcefin’s mission to enable SMMEs through innovative funding solutions, this collaboration will open doors for significant change to business owners.

“South Africa relies heavily on the economic opportunities that SMMEs provide,” says Jordan Hertz, Chief Commercial Officer at Sourcefin. “Yet the same SMMEs are often prohibited from access to funding because of a lack of financial history and exclusionary credit decisioning methodologies. At Sourcefin, we look forwards, providing funding based on the opportunity of the SMME, and work closely with them to deliver on deals as they grow their businesses.”

Alternative funding providers, such as Sourcefin, provide a lifeline to the vital SMME sector. In spite of a number of initiatives deployed by the government to support SMMEs, the matter of a R300-billion funding gap requires private businesses to play a more intentional role in enabling the backbone of our economy.

In just four years, Sourcefin has deployed almost R2-billion to South African SMMEs and assisted over 1000 small businesses through financial support and strategic public-private partnerships, proving itself as a leading alternative funding provider that delivers real impact.

“Sustainable economic transformation and socioeconomic development are only possible when small businesses are given the tools to succeed,” says Mpho Motsei, President of the BMF, another impact-driven organisation with the success of black professionals at its mission core.

The BMF is recognised for its role in driving policy discourse and advocacy events, facilitating discussions, and connecting business leaders, thought leaders, and changemakers. Through its operations, the organisation has access to financially constrained SMMEs but lacks the resources to support them all. Sourcefin’s involvement presents an opportunity to bridge this gap by offering necessary and relevant funding solutions designed to help SMMEs overcome financial challenges and achieve sustainable growth.

“This partnership marks a pivotal moment in our collective efforts to empower South African SMMEs with the financial support they need to thrive. Through this collaboration, we are not just signing an agreement – we are committing to a future where SMMEs are at the forefront of driving inclusive economic growth, job creation, and meaningful socioeconomic transformation for our nation,” Motsei concludes.