Financial support is key to growing emerging business owners
A closer look at the benefits of access to funding in the agriculture and construction sector
Growing any business is no easy feat. Challenges range from access to market, limited customer base as well as inadequate financial support. This is no different for emerging businesses within the agricultural and construction sectors.
Emerging and small businesses play a major role in our economy. According to a report by McKinsey and Company, “Small-Medium-Enterprises across South Africa represent more than 98% of businesses, employ between 50 and 60% of the country’s workforce across all sectors, and are responsible for a quarter of job growth in the private sector.”
The economic effects experienced from the COVID-19 pandemic have placed further strain in businesses, leaving an indelible impact on several SMMEs within the agriculture and construction industries. The South African government has committed to several investments in infrastructure development in the country and this presents a great opportunity for emerging businesses thus indicating a need for financial resources to propel their trade and meet the country’s infrastructural needs.
With the consideration of this pending need and the full understanding of the industry solution requirements, Barloworld Equipment supported by Caterpillar offers Cat Financial, a finance solution for businesses. Danny Calaca, Sales Manager: Africa from Caterpillar Financial Services noted that, “Cat Financial offers a variety of financing and extended protection options for businesses. We understand that when opportunities arise to tackle new projects and grow your business, you need a lender who will help you act on them fast. From instalment sales contracts and leases, you can acquire equipment from us based on your financial situation and business goals.”
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