The Steel and Engineering Industries Federation of Southern Africa (Seifsa) launched its small business hub (SBH) earlier this month to assist in meeting the needs of small and microenterprises (SMEs) in Southern Africa.

The SBH, which is aimed at promoting SME development, will allow small businesses to contribute more to South Africa’s economic growth and job creation.

The SBH will provide cost-effective products and services that address the overall needs of SMEs; provide cost-effective support services that are sector-focused and related to SME categories such as micro and small; identify sector- and company-specific challenges; and monitor trends and develop specific interventions to improve SME performance.

The products, services and solutions offered by the SBH include accounting and advisory services, statutory compliance, information technology solutions, procurement of funding, broad-based black economic empowerment and cost-effective services from Seifsa divisions.

The SBH will also identify and enhance the functioning of SME support and offer industrial relations, economics and commercial, health and safety and skills development that is tailor-made to suit SME needs.

The SBH was created on the back of the National Development Plan’s proposal that 90% of employment opportunities be created by the SME sector by 2030.

Speaking at the launch, Seifsa commercial manager Mashirane Matheba said SMEs were a key source of economic growth and job creation and added that the SBH, therefore, intended to ensure small businesses survived and grew over time.

Department of Small Business Development chief director Mojalefa Mohoto said the SBH indicated that companies and organisations were proactive around the development of SMEs.

He added that incubation and business hubs would drive enterprise development in South Africa.

“We want to partner with Seifsa on this initiative and we call on other organisations to come on board and create initiatives such as this. Enterprise development will assist the public and private sectors by providing job opportunities,” he said.

National Empowerment Fund SME and rural development divisional executive Setlakalane Molepo, meanwhile, noted that the SBH was a step closer to addressing small business challenges such as access to markets, technology, finance and business infrastructure.

As part of the SBH, Seifsa experts will be available to SMEs for consultation.