Enterprise Development Solutions - Frequently asked questions

Enterprise Development is a department within Standard Bank that is mandated to support, develop and grow black-owned businesses, in accordance with the Broad-Based Black Economic Empowerment act.

The department achieves this objective by providing funding, development and access to markets across various industries. The main goal is to achieve sustainability for the businesses that are supported while stimulating economic growth.

The main funding solutions are:

• Construction Solution
• Public Sector Solution

• The business must be 51% or more black-owned (as defined by the Broad-Based Black Economic Empowerment act, with a valid BBBEE certificate or affidavit)
• The beneficiary must be a South African citizen, trading in South Africa
• Total annual revenue of less than R50 million
• Commercially viable operations, with foreseeable growth

Exclusions:

• Non-profit organisation/ non-governmental organisations
• Joint ventures
• Sub-contracts
• Merger and acquisition transactions
• Equity-related transactions
• Prototype development
• Purchasing a franchise
• Paying off loans from either Standard Bank, other banks/financial institutions, or any other debt (including SARS)
• Transactions that are not in line with Standard Bank’s risk parameters
• Requests for sponsorships for events, etc.
• Transactions that can be fulfilled by Standard Bank Business Credit
• Municipalities and SOE’s start-up capital for a business idea
• Purchasing of residential property and commercial property
• Construction contracts that can be done through our Standard Bank, Tusk and Massbuild solution

Applications for the funding solutions are open throughout the year.

To initiate the application process, email the following documents to [email protected]

• Valid appointment letter (for the Construction solution) or Government purchase order (for the Limpopo, Northern Cape and Mpumalanga)
• Signed POPI consent form

No. Solutions are open to all businesses with valid purchase orders, that have funding requirements that are within the funding parameters.

Purchase orders should have a delivery date that is at least 2 weeks from the time when the application is received. If the delivery date has passed, the business will have to provide an extension letter from the issuing company via email. If this requirement is not met, the application cannot move to the next stage.

Enterprise Development has appointed Business Development Service Providers (BDSPs) who validate purchase orders, determine feasibility, manage disbursements, and assist in submitting the application on behalf of the customer. To undertake this function, the BDSP will need to engage with the customers. The form is signed to allow them to receive the purchase order and engage the customer.