Business plans key insight for banks

There is a general misconception that banks request for documentation that they do not need, but this is not the case as banks are there for the benefit of SMEs to grow their businesses.This is the sentiment with which Standard Bank’s Coastal Regional Manager Ronnie Einbeck addressed a group of over 40 small and medium enterprises a round table session held by the bank at Walvis Bay in November.“Entrepreneurs have an idea in their heads about their business. They need to first translate those ideas onto paper because the bank will not have an idea otherwise; business plans give that key insight that the bank needs.”Einbeck also explained to the fledgling entrepreneurs that there are various issues the bank looks at when looking to aid them in their business endeavours, issues such as their understanding of the market and whether they have a competitive advantage, whether they have a skilled labour force, and the economic scale of their business, to name a few.“As a business partner to SMEs we come together in the spirit of ubuntu because we are a family and we do not want anyone to be left behind, so that’s why we are hosting these interactive training sessions,” said Einbeck.The bank’s round table sessions, in partnership with SME Compete, are part of its ongoing SME Development Programme which seeks to mentor and train participating SME’s on business management skills and financial acumen, as well as provide them with networking and knowledge-sharing sessions.At the same occasion, Tunino Haskel, a leading entrepreneur and seasoned businessman, gave his testimonial to those in attendance by commending Standard Bank for taking initiative in aiding young entrepreneurs. “As a business person with an SME background I want to applaud Standard Bank for this initiative. I was never as fortunate as a young man battling to make it on my own. I wish we had programmes like this in 1990 when I started off,” Haskel said.He went on to say that the interactive learning would help young entrepreneurs not make the same mistakes as they did when they started out without guidance. Rallying all entrepreneurs to stop waiting for handouts, Haskel urged young entrepreneurs to make most of opportunities such as the SME Development Programme because they are great business tools.

Business plans key insight for banks

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Republikein 2026-04-03

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Business plans key insight for banks

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