We’ve heard it countless times from startups: securing funding for a new business is troublesome. The trouble being that many small business owners simply don’t know where to start looking.
A website, finfindeasy.co.za, was launched last week and seeks to make it a bit easier to find funding for your small business. The site will connect entrepreneurs with financial services by creating an environment that encourages knowledge-sharing and growth.
Developed by the CEO of finfind, Darlene Menzies along with USAID, the platform will attempt to mitigate factors that lead to 80% of startups failing in the first year.
“For a country that is relying on the small business sector to grow the economy, this high failure rate is concerning and the key causes need to be addressed. Access to finance is one of the primary causes of small business failure” Menzies said in a statement.
Things such as financial literacy, financial readiness, lack of awareness about lenders and what lenders require are all contributing factors to failure that finfind will try to combat.
With the help of partner, SMEasy, finfind will also help small businesses manage accounts, generate quotes and invoices, and generally help the business manage its money more effectively, even if they have no accounting knowledge.
What should be noted however, is that finfind does not endorse lenders, provide information on internal financial management or provide professional financial, legal or tax advice, they are simply there to make finding funding for business startups a bit easier.
[Source – finfind][Image CC by 2.0 – Simon Cunningham]