SA SME Fund, BLSA and B4SA launch #PayIn30 campaign to help SMEs
Access to working capital and cash flow is key to the sustainability and growth of small and medium businesses (SMEs), especially in the current economic crisis which has been exacerbated by the Covid-19 pandemic. Corporate South Africa recognises that by paying their SME suppliers in 30 days, they can contribute to their survival and the preservation of jobs.
During the last 6 months business bankruptcies have increased more than 50% since last year (from 4% to 6.5%), and are expected to reach >10% as credit extensions, payment holidays and tax relief comes to an end.
Thriving SMEs and innovative entrepreneurs are key to South Africa’s economic recovery strategy: we’re all in this together and need to do our part to help our economy grow.
It is for this reason that the SA SME Fund, BLSA and B4SA have launched #PayIn30, a campaign to institutionalise a culture of paying in 30 days. In the first month, more than 50 CEOs of large corporates formally committed to this initiative, which is also supported by Business Unity South Africa (BUSA), the Small Business Institute (SBI) and the Black Business Council (BBC).
The SA SME Fund, BLSA and B4SA would like to thank the companies who have already joined for their ethical leadership, and invite all other companies to sign up on email@example.com