Potential black businesses must not look to banks alone, BUSINESS DAY (Late Final)
Potential black businesses must not look to banks alone, BUSINESS DAY (Late Final)
ACOMPLETE reliance on banks to extend credit to the previously disadvantaged who are looking to start businesses surely cannot be the right approach. Even Postbank, which many think will play a key role in extending credit when it is corporatised, cannot be the panacea. A solution also does not completely lie with state-owned institutions like the Industrial Development Corporation, the National Empowerment Fund and so on The state-owned financiers cannot cater for everyone. There must be some alternatives that could fund black businesses which have the potential of being big one day. The focus on banks and state-owned institutions has blinded people to other funding opportunities that could and should be leveraged. Black-on-black empowerment is what we need, and not just a black-run government helping create black entrepreneurs, but also established black business people enabling the creation of sizeable black-owned cornpanics.
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