• FNB and RED3SIXTY have announced the 10-month long FNB MasterUp SME development programme.
• The programme hopes to accelerate the growth of as many as 60 SMEs.
• Applications must be submitted by 31st October.

Small and medium enterprise (SME) owners may want to take note of a new 10-month-long programme FNB has launched in collaboration with RED3SIXTY.

The FNB Masterup programme aims to help SMEs accelerate business growth and improve their investment potential. The programme takes place online and will provide business owners with access to masterclasses and business development models.

According to head of SME Development at FNB, Heather Lowe (pictured above), the programme will help SMEs align their operations and grow both strategically and effectively.

“We strive to provide contextual and relevant support to SMEs in the economy across business stages and sizes. We do not adopt a one-size-fits-all approach to business development support. The programme is designed to address unique, contextual business needs, and to provide a customized growth strategy for each participant, supported by appropriate content, mentorship, and masterclasses. Participation in the programme also enables access to our bespoke funding offerings designed to address funding needs not traditionally filled within the funding landscape,” says Lowe.

During the programme, SMEs will gain experience in the following areas:

• Funding readiness – assistance in the compilation of effective business plans, financial projections and pitch assets to improve business investability, and enable access to growth finance to support growth.
  
• Growth acceleration – assistance in enhancing operational efficiencies and fostering innovation, whilst boosting business valuation
  
• Operational and business support systems transformation – utilisation of tech-enabled systems to cut costs, improve efficiency and increase customer satisfaction.

As for who is eligible for the programme, the official website states, “This programme targets Small to Medium Enterprises (SMEs), Qualifying Small Enterprises (QSEs) with at least 51% black ownership as determined in the broad-based black economic empowerment definitions, with a turnover between R10m and R50m. Ambitious entrepreneurs or visionary business leaders of a Small to Medium Enterprise (SME) showing promising potential for growth and innovation. Entrepreneurs passionate about taking their business to the next level and are open to leveraging cutting-edge technology and innovative growth strategies.”

Business owners will need to complete an entry form followed by a questionnaire which will allow FNB and RED3SIXTY to under the business’ growth strategy, target market and financial health. This will then be reviewed by the programme’s experts.

Should your business be selected, you will be invited to present the business to a panel. Thereafter, a site visit will be conducted and finally after that process has concluded, businesses will be selected to participate.

There is unfortunately limited space with FNB telling Hypertext as few as 60 SMEs will be selected to participate in the programme.

Applications close on 31st October and the businesses who are selected will be informed by December of this year.

Interested business owners should head to the RED3SIXTY website to submit an application.