LACK of financial education and access to capital are holding women back in business.
The Riversands Incubation Hub, which was established two years ago, wants to change that.
Through its annual FundEX event, the company connects women entrepreneurs with relevant funding organisations.
On top of sourcing capital for women, they also educate them in business management.
According to research by Finfind, many small businesses don’t get funding because they lack the financial awareness they need.
They don’t know about the financial documents funders need such as management accounts, the latest financial statements, budgets, forecasts and tax clearance certificates to access funding.
Jenny Retief, CEO of Riversands Incubation Hub, said women are powerful drivers of economic growth in Mzansi.
Yet women account for only 18% percent of business owners in the country.
She said according to the Mastercard Index of Women Entrepreneurs, most women business owners are concentrated in the informal sector. Most of them access capital through micro-lending institutions but these only offer limited support.
“A key offering of incubation hubs is education in financial literacy. We have a team of coaches and mentors who guide entrepreneurs in specific areas such as finance or strategy.
“Relevant educational material is regularly presented in formal as well as informal ways and reinforced with practical coaching to help entrepreneurs put theory into practice in their own businesses.
“This is supported with professional bookkeeping services which is provided on a subsidised basis.
“This service also allows business owners to build the financial records and systems their businesses need.”
FundEX happens on 16 August this year.
For more information on the expo’s address and other details, visit www.fundex.co.za
