Trade and services sector is key for Eskom’s business empowerment programme
8 October 2021
On 30 August 2021, Eskom launched its 2021 Business Investment Competition (BIC) and Business Connect, targeting 100%-black-owned small and medium businesses, including those in the trade and services industry sector.
The BIC is a competition running until midnight on 31 October 2021 and is aimed at boosting growing businesses with financial support, whereas Business Connect aims at empowering BIC entrants with business skills, mentorships, and networking. It is also an opportunity for the BIC winners to market their products, services, and corporate brands.
Currently in its 13th year, the BIC targets businesses in the engineering/construction, manufacturing, agriculture/agri-processing, or trade/services sectors that have been in business for at least two years. The overall winner walks away with R300 000; the sector winners each receive R131 250, and the first and second runners-up receive R75 000 and R50 000, respectively. This totals R1,3 million in prize money.
According to the Small Enterprise Development Agency’s (SEDA’s) SMME Quarterly Update report (Q1, 2019), small, medium and micro enterprises have produced 10,8 million jobs, 41,3% of them in the trade and services industry. The South African economy is driven by the trade and services sector, which contributes over 22% to the gross domestic product (GDP), followed by general government services at 17%, and then the sector of wholesale, retail and motor trade, catering, and accommodation at 15% (Stats SA, 2017).