Ithala recently embarked on a series of seminars aimed at sharing information with entrepreneurs in the construction sector. The seminars included presentations on business finance opportunities available at Ithala and also educate entrepreneurs and SMMEs on requirements to be met in order to access finance and business opportunities within the construction sector.

Seminars were held in Durban and Richards Bay in the month of September. The first seminar which took place in Durban attracted scores of entrepreneurs.

Besides a presentation from Ithala’s Business Finance Department, the seminar also featured high level speakers from the eThekwini Municipality, AQRate KZN (Pty) Ltd and the Coega Development Corporation, who spoke on various topics ranging from procurement, BEE verification and available opportunities in the construction space.

Acting Divisional Manager: Business Finance at Ithala, Bongumusa Biyela, spoke on the importance of businesses having properly defined business plans.  â€œAlthough Ithala aims to empower entrepreneurs in the province, we first need to establish if you have a sustainable business model which will not only allow you to make profits but will also enable you to pay back the loan.”

He said Ithala in line with Ithala’s strict lending criteria, it was important for businesses to have all the relevant documentation.  â€œWe need to establish that your company is not insolvent and is tax compliant and therefore some of the documents we require include such as a tax certificate, financial and bank statements,” he said.

Speaking at the Richard Bay seminar, Ntokozo Khumalo who is the Supply Chain Manager at the Umhlathuze Municipality, cited the importance of getting registered on supplier databases.  â€œSMMEs in particular need to ensure that all their company documentation and details are up to date in order to put themselves in a better position to clinch business opportunities,” said Khumalo.