Recognising the crucial role of small and medium enterprises (SMEs) in driving South Africa’s economic growth, the Johannesburg Stock Exchange (JSE) held an event to celebrate the success and evolution of its SME Rise initiative and strategic collaborations that empower businesses in this sector.
SME Rise is the JSE’s comprehensive development solution designed to fuel growth in the sector. The programme offers a range of initiatives, including growth solutions, funding readiness, international expansion and capital access.
The event also acknowledged key collaborations, such as those with provincial government departments including the Small Enterprise Development Agency (SEDA), the Small Enterprise Finance Agency (SEFA) and the Western Cape Government Department of Economic Development and Tourism (DEDAT)which play a crucial role in making these initiatives possible.
“The SME sector is the backbone of South Africa’s economy. After carefully assessing the needs of these businesses, we developed SME RISE to drive meaningful transformation and sustainable growth in the sector. We’re proud of the significant progress the initiative has made since inception,” said Cleola Kunene, head of SME development at the JSE.
SME Rise initiatives have provided the necessary resources and networks to help participating businesses grow market share, access funding and improve their competitiveness.
For instance, the JSE’s Enterprise Acceleration Programme, designed to propel companies into their next growth phase, has already welcomed 28 participants – many of them reporting rapid growth, including increased employment, significant revenue growth and enhanced capital-raising capabilities. Notably, 15 companies from SEDA branches are currently being accelerated, with a particular emphasis on accessing international markets.
In 2023, the JSE, together with the Western Cape Government’s Department of Economic Development and Tourism (DEDAT), launched the Capital Matching Initiative to address the funding gap for SMEs in the Western Cape. This initiative successfully achieved a 62% match rate among 90 participating SMEs and financing partners. This year, the JSE is expanding the initiative to the Eastern Cape and Free State.
“Together, we have made significant strides in fostering SME development across our nation and are eager to scale the work as we embark on the next phase of growth for South Africa’s SME sector,” says Kunene.