Standard Bank helps small businesses crowdfund to get back on their feet
The bank partnered with Thundafund to help companies affected by SA’s civil unrest recover, rebuild and restart their operations
Small businesses in KwaZulu-Natal and Gauteng affected by the civil unrest last July were put under great strain at a time when many were already feeling the effects of economic crunch brought about by the Covid-19 pandemic.
Affected businesses that were uninsured or underuninsured found it unlikely that they'd be able to fully recover.
“The protracted and slow process of reconstruction, and once again building up stock to meet consumer demands, particularly for micro and small enterprises, is often overlooked and unsupported,” says Jenine Zachar, head of enterprise and direct banking at Standard Bank.
By December, some small businesses were still struggling to recover, rebuild and restart their operations. To help such companies get back on their feet, Standard Bank established a partner page on the crowdfunding platform Thundafund.
Called “Business Recover, Rebuild and Restart”, this crowdfunding initiative enabled small enterprises to set up Thundafund campaigns to raise funds to help them replace or repair their assets, compensate for lost revenue, or get back to business.
To date, this initiative has raised over R221,000 for small businesses in need.
It is an ongoing project, so if you’d like to make a donation, visit the Standard Bank “Business Recover, Rebuild and Restart” page on Thundafund, select the campaign you want to support and make a donation.
“As Standard Bank, we are in full support of remarkable initiatives such as this as it encourages South African citizens to give back to our own. We are hopeful that the rebuilding of the business sector will continue to present opportunities for businesses and, in turn, contribute to uplifting surrounding communities. Let’s spare a thought, and a few rand, to help these businesses get back in the game,” says Zachar.
This article was paid for by Standard Bank.