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Nedbank launches BackaBusiness to help entrepreneurs

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As the impact of the lockdown in South Africa takes effect, the Nedbank SimplyBiz initiative has launched a movement called BackaBusiness with crowdfunding platform Thundafund, to drive support for businesses hard-hit during the Covid-19 pandemic.

“Covid-19 has dealt entrepreneurs a major blow,” says Monique Chinnah, Nedbank senior manager for Segment Design and Development. “However, the impact and the continuing threat to small businesses has inspired us to help with BackaBusiness. Since the lockdown, small businesses have had no income, but mounting operational expenses, and some did not qualify for traditional funding nor certain relief aids available.

“Naturally, they are overwhelmed and anxious about the future of their businesses. This is an opportunity for people to show their support for small businesses to ensure their survival.  We’re encouraging loyal customers, family and friends and society at large to join the movement to pay now and redeem a reward from the business owner, once trading resumes.”

An example of a reward could be paying a hairdresser R200 through the campaign, and being offered a voucher in return for a haircut when they reopen.

“This enables the business to receive much-needed funds now to see them through until they can operate again,” says Chinnah. “It also means that when the business resumes, they have guaranteed customers visiting their store to redeem their vouchers, thereby flattening the curve, post the lockdown.”

She adds that these entrepreneurs do not make up mere statistics – they compriselocal restaurants, gym instructors and the “people who know your name”.

“They make our lives richer; we like their products and trust them. We want them to survive the crisis.”

To find out how you can support small business through the SimplyBiz BackaBusiness crowdfunding movement with Thundafund, visit https://blog.thundafund.com/2020/04/19/backabusiness/.

* Visit the SimplyBiz digital community at: www simplybiz.co.za

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