On April 30, 2024, in Kimberley and May 7, 2024, in Kuruman, the Northern Cape witnessed significant events aimed at empowering Small, Medium, and Micro Enterprises (SMMEs) with crucial financial knowledge. These Information Sessions, themed "Access to Finance," were organized to bridge the financial knowledge gap and equip SMMEs with the necessary tools to tap into available funding opportunities.

The primary goal of these workshops was to provide Northern Cape SMMEs with relevant financial information on available funding opportunities and strategies to leverage these opportunities. A critical focus was on addressing the significant gap in the purchase order and invoice discounting market, which led to inviting key stakeholders in the purchase order funding space. By doing so, the sessions aimed to enable more SMMEs to effectively execute purchase orders from government procurement opportunities, thereby contributing to enterprise development, localization, job creation, and economic growth in the province.

Key objectives of the sessions included:

• Promoting business compliance and access to funding opportunities for Northern Cape SMMEs.
• Assisting SMMEs in leveraging available funding opportunities and increasing their uptake of these opportunities.
• Improving the capacity and competitiveness of SMMEs in accessing funding opportunities.
• Facilitating and promoting effective funding application processes for Northern Cape SMMEs.

The Northern Cape provincial government faces a significant challenge, with nearly 65% of procurement transactions conducted with suppliers outside the province, leading to a substantial capital flight. This deprives local SMMEs of opportunities that could spur local economic development and job creation. The lack of financial capacity to execute purchase orders received through government procurement further exacerbates this issue.

In response to these challenges, the B-BBEE portfolio of the Economic Empowerment Sub-Programme collaborated with the Department of Trade, Industry, and Competition (Dtic), LNDR Credit, Old Mutual's Masisizane Fund, the National Empowerment Fund (NEF), Services SETA, Small Enterprise Finance Agency (SEFA), Small Enterprise Development Agency (SEDA), DG Capital, and Lead CA to host these workshops.

These collaborative efforts underscored the commitment to fostering a more inclusive and financially empowered SMME sector in the Northern Cape. By equipping local businesses with the knowledge and resources needed to navigate financial landscapes, these workshops have laid a solid foundation for future economic resilience and growth in the province. Together, we can build a thriving and sustainable SMME ecosystem in the Northern Cape.