STANDARD Bank is launching business awards that are targeted at those businesses in the three years and more mark.
The bank said it is looking for businesses that it can mentor and assist in accelerating growth.
Standard Bank head of business clients SA Simone Cooper said: “Running a new business has many challenges and obstacles that can lead to failure. Up to 45% of all businesses do not reach the 5-year mark. As they reach that magical milestone, the failure rate shoots up to 75% as they try to upscale.
At Standard Bank, we want to journey with these businesses and make an impact on their growth and development. Growth comes with new obstacles, costs, and expenses, and businesses require assistance in funding and guidance in how to navigate this next phase of the business. We want to be that banking partner that businesses can bank on".
According to the company, apart from supporting the winning businesses with banking solutions, trade assistance, market access, transcontinental networking platforms, and more.
"These companies and winners will be honoured and awarded with grant support totalling R4.5m in funding," the company said.
Entries are now open, and businesses can apply for the following three categories:
Business of the year
Best Female
Rising Star
The prize breakdown is as follows:
First: R2 million
Second: R1 million
Third: R500 000
Best Female: R500 000
Rising Star: R500 000
“The top 10 finalists will present to a panel of judges, from which all the winners will be selected. With the grant provided, we will be able to upscale businesses with the confidence that they need to help navigate their next phase of growth. At Standard Bank we understand the challenges and needs businesses to enter, in their early stages of maturity,” Cooper said.
“Business plays a crucial role in the growth of Africa. After all, businesses provide employment, fuel new economies, connect the continent and the rest of the world via trade and other innovative solutions for African obstacles,” Cooper said.
BUSINESS REPORT ONLINE