This ends up frustrating the funding process

Entrepreneurial go

So, you have a business plan that you think will make you the next Patrice Motsepe?

canada goose clearance sale It could be in manufacturing, mining or the services sector, but the initial investment required is probably a major stumbling block to making this dream a reality. canada goose clearance sale

canadian goose jacket Chances are you don have a rich uncle who can lend you millions to buy assets and set up the infrastructure required to begin mining or production at scale. canadian goose jacket

However, if your business plan is sound and has the potential to kick start a sustainable enterprise that can create jobs, the Industrial Development Corporation (IDC) could become a valuable partner on your journey.

A PROJECT IN PARTNERSHIP WITH THE IDC

David McGluwa, who heads operations at head office and regions across the country, unpacked how entrepreneurs with dreams of making it big in the sectors that the IDC funds can go about presenting a business case for financial and non financial support.

The first tool to have when applying for funding from the IDC, he says, is a viable business plan.

uk canada goose don have an application form so our application is a business plan. said the problem the IDC often experiences with first time applicants is the submission of business plans that are drafted by external who know very little about the entrepreneurial process or what the business aims to achieve. This ends up frustrating the funding process. uk canada goose

canada goose factory sale end up going up and down because when you engage with the owners who want the money, there is not a link there. We find a lot of these consultants who draft business plans do it from MBA books, cut and paste and Google; but it doesn speak to the heart of the business. the business plan is workable and paints a picture of a business with true potential, the process moves to the second phase. A basic assessment is done on the application to determine whether the business has economic merit and whether it will, in the long run, be able to repay the loan advanced by the IDC. canada goose factory sale

Four key components are assessed to determine this:

Management team (What is their background? Who are they?)

canada goose uk shop Market analysis (The size of the market. Where will you get orders from?)Technical aspects (The operational side. If it a manufacturing business, does it have the right equipment? Where will it get raw material? What volumes can it produce?)The financial model at a basic level (Will the business be able to repay the loan and will it be sustainable?) canada goose uk shop

Canada Goose Jackets The IDC also has a business support programme that provides advice and support for entrepreneurs before their funding request is awarded and afterwards to assess whether the capital injection has made the business viable and what additional help is required. Canada Goose Jackets

Pre investment support involves a number of facets, including linking applicants with experts in the relevant business sector to provide guidance on canada goose outlet las vegas issues such as access to markets and the correct machinery to use. The post investment arm canada goose outlet eu assesses the business order book once in operation and its finances to determine if it can cope or needs more money to expand operations.

The Pre Investment Business Centre is based in Gauteng at IDC headquarters in Sandton. have a walk in centre at the office and they assist people with funding enquiries and take it up to the basic assessment stage. can also access these services at regional offices located in each province. McGluwa said the minimum IDC business loan was R1 million.

There is no limit to how much a business can receive, but if it more than R1 billion, it is likely that co funding options with other financing institutions will canada goose jacket outlet toronto be explored.

A total of R4.5 billion has been made available over a period of five years to support youth entrepreneurs who have bankable projects in sectors that the IDC funds.

McGluwa said canada goose outlet vancouver while the corporation has funded some astute young businessmen who have gone on to create successful enterprises, South African youth were generally prone to starting businesses in areas they feel comfortable in, but which the IDC would not consider for funding.

canada canada goose outlet goose coats These include car washes, shisa nyamas or the taxi canada goose discount uk operating business. canada goose coats

young people have never had exposure to a manufacturing company, so it very difficult for them to start a business in an area that they have not been exposed to. What they know from growing up tuck shops or carwashes we see a lot of those enquiries coming through.

Canada Goose sale sit with a canada goose outlet montreal lack of innovation among young people. It more like: neighbour has this business, I must also have one instead of looking at a market gap [and determining] can I come up with to close that market gap? he is excited about the drive led by the IDC and the department of trade and industry to create new black industrialists. Canada Goose sale

canada goose clearance McGluwa said new black industrialists were investing in sectors that were driving the economy, often in spaces where few black business people have operated before. canada goose clearance

are seeing black people in the active industrial sectors that drive the economy of South Africa.

Once they have submitted the application, they will receive a tracking number that they can use to track the process and view all the stages that the application goes through, from assessment through to canada goose shop uk due diligence. The portal has been available since May 1.

David McGluwa encourages people to make use of this facility. He said it would assist to speed up the application process. Potential IDC clients receive SMSes that alert canada goose outlet toronto address them to what information is required of them throughout the assessment process.

a client waits for information, but they do not know that the IDC is also waiting for them to give additional information. That is where we sometimes experience delays. This portal canada goose outlet michigan will assist him or her to track their respective applications, https://www.canadagooseonline.info he said.