ABSA - SUPPORTING SMALL BUSINESS GROWTH in the Automotive Aftermarket
The ABSA Enterprise Development Den is an initiative by ABSA bank to drive and support locally black owned SME companies in the sector.
It is an opportunity for any local company meeting this criteria to ‘pitch’ their products or services to a panel of judges from ABSA Bank, during Automechanika 2019. The list of finalists will have a 15-minute opportunity to pitch their unique products and services to this panel. The three winners will be announced on Saturday 20th September, at the ABSA stand in hall 6, with total cash prizes to the value of R200,000, 1st prize will be R100 000 that will be directed towards further development of your company in a form of a Grant from the enterprise development team.
The business person must show that their business/idea is scalable and have a competitive advantage in the sector and the market including displaying financial needs
The winner will also be offered a business mentorship programme from ABSA bank that includes funding, assistance in developing a business plan and advice on managing cash flow.
Application process: Click HERE to apply
- The prize money shall be paid into an Absa Business Account (Winner should be willing to open an Absa Business Account)
- The winning entity must be minimum 51% Black Owned
- If this is an existing business, the current turnover should be an SME (turnover below R 50 000 000 per annum)
- Registered and Operational- submit CIPC documents and sworn affidavit (BEE status)
- South African Citizen
- Agree to sign an Enterprise Agreement
50% of the amount will be a Cash grant and 50% to be paid to their suppliers based on needs ( submit quotation)
- First prize: R100 000
- Second Prize: R60 000
- Third prize: R40 000