Financial support is essential for the growth of emerging business owners
Focus on the benefits of access to finance in the agriculture and construction sector
Growing a business is no small feat. Challenges range from market access, limited customer base and inadequate financial support. It’s no different for emerging businesses in the agriculture and construction sectors.
Emerging businesses and small businesses play a major role in our economy. According to a report by McKinsey and Company, “Small and medium enterprises in South Africa make up over 98% of businesses, employ between 50-60% of the country’s workforce across all sectors and are responsible for a quarter of South Africa’s job growth. the private sector.”
The economic effects of the COVID-19 pandemic have put additional pressure on businesses, leaving an indelible impact on several SMEs in the agriculture and construction sectors. The South African government has committed to several investments in infrastructure development in the country, which represents an excellent opportunity for emerging businesses, indicating a need for financial resources to propel their trade and meet the infrastructure needs of the country. country.
With this pending need in mind and a complete understanding of industry solution requirements, Caterpillar-backed Barloworld Equipment offers Cat Financial, a financing solution for businesses. Danny Calaca, Africa Sales Manager, Caterpillar Financial Services, said, “Cat Financial offers a variety of financing options and extended protection for businesses. We understand that when opportunities arise to take on new projects and grow your business, you need a lender who will help you respond quickly. From installment sales contracts and leases, you can acquire equipment from us according to your financial situation and business objectives.