Blended funding model : an option to close the small and medium enterprise (sme) funding gap in South Africa

Abstract

One of the constraints faced by owners of small and medium enterprises (SMEs) around the world is a lack of access to external funding. The majority of South African black-owned enterprises experience funding challenges arising from a lack of collateral security and a lack of trust among financiers that such enterprises would prove to be sustainable. The failure of SMEs to access external financing from private and public financing institutions has resulted in a funding gap. SMEs also fail to access external financing because of mismatches between demand and supply. Without improved access to external funding, the South African SME sector will be unable to realise the government’s goal to create about 11 million jobs by 2030, as stated in the National Development Plan (NDP). This study reviewed literature on entrepreneurship theories, capital structure theories and entrepreneurship practice in South Africa. The literature review pays attention to entrepreneurial models, the behaviours and characteristics of entrepreneurs, and current SME funding models and options. This research adopted an ethnographic design using mixed methods. Purposive sampling was used to collect data using unstructured in-depth interviews and questionnaire techniques. 24 interviews were conducted during the qualitative phase. The survey phase attracted 160 participants. The thematic data analysis method perfectly guided the analysis of data obtained during the interviews. The blended finance model offers practical options to accelerate SME funding and hence to close the existing funding gap. Improved collaboration and partnerships between the public and private sectors are vital for both improved access to funding and the creation of market access for SME products and services. The study further recommends the establishment of SME/entrepreneurial support structures in all nine provinces of South Africa to improve the accessibility of support and advisory services such as incubation, mentorship, product development support, funding, access to markets, accounting services, access to technology and office space. Improved collaboration and partnerships between the public and private sectors are vital for the success of the proposed model.

Xin'wana xa swisivelo leswi vini va mabindzu lamatsongo na ma le xikarhi va langutaneke naswona (tiSME) emisaveni hinkwayo i ku pfumala mfikelelo eka mpfuneto wa le handle wa swa timali. Mabindzu yotala ya Vantima eAfriks Dzonga ya hlangana na mitlhontlho ya mpfuneto wa swa timali leyi tumbulukaka ku suka eka ku pfumala rifuwo kumbe nhundzu yo riha hi yona loko mali leyi va pfuniweke hi yona va nga ha koti ku yi hakela na ku pfumaleka ka ntshembho exikarhi ka vanyiki va mali hi leswaku mabindzu yalawo ya ta kota ku heta nkarhi woleha. Ku tsandzeka ka tiSME ku kuma mpfuneto wa le handle wa mali ku suka eka tiinstituxini to nyika mali ta phurayivhete na mfumo swi vangile vangwa ra nkayivelo wa mali. TiSME ti tlhela ti tsandzeka ku fikelela mpfuneto wa le handle wa mali hikwalaho ka ku va swikoxo na mphakelo swi nga fambelani/hlangani. Loko ku ri hava mfikelelo lowu antswisiweke wa mpfuneto wa le handle wa swa timali, sekithara ya Afrika Dzonga ya SME yi ta tsandzeka ku tekela enhlokweni xikongomelo xa mfumo xo tumbuluxa kwolomu ka 11 wa mimiliyoni ya mitirho ku nga se fika 2030, tanihi leswi swi kombisiweke eka Pulani ya Nhluvukiso wa Rixaka (NDP). Dyondzo leyi yi valangile tibuku hi tithiyori ta swa vutivi bya mabindzu, tithiyori ta swivumbeko swa timali na maendlelo ya swa vutivi bya swa mabindzu eAfrika Dzonga. Mbalango wa tibuku wu nyika nyingiso eka mimodlele ya swa vubindzurisi, mahanyelo na swihlawulekisi swa vativivamabindzu, na mimodlele na tindlela ta sweswi ta mpfuneto wa swa timali eka SME. Ndzavisiso wu tirhisile dezayini ya etinogirafiki hi ku tirhisa maendlelo yo hlanganisiwa. Sampulu ya xikongomelo yi tirhisiwile ku hlengeleta datara hi ku tirhisa tiinthavhiyu leti nga riki ta ximfumo na tithekiniki ta nongoloko wa swivutiso. 24 wa tiinthavhiyu ti endliwile hi nkarhi wa xiyimo xa nkoka Xiyenge xa mbalango xi kokile rinoko ra vatekaxiave vo ringana 160. Maendlelo ya nxopaxopo wa datara ya thematiki ya leterile hi ndlela ya kahle nxopanxopo wa datara leyi kumiweke hi nkarhi wa tiinthavhiyu. Modlele wa mali lowu hlangansiweke wu nyika tindlela leti kotekaka to hatlisisa mpfuneto wa swa timali eka SME naswona ku pfala vangwa ra nkayivelo wa mali leri nga kona. Nhlangano na vutirhisani lebyi antswisiweke exikarhi ka tisekithara ta phurayivhete na ta mfumo i swa nkoka eka hinkwaswo ku nga mfikelelo lowu antswisiweke wa mpfuneto wa swa timali na ntumbuluxo wa mfikelelo wa makete eka swimakiwa swa SME na vukorhokeri. Dyondzo yi ya emahlweni yi bumabumela ku simekiwa ka SME/swivumbeko swo seketela vutivi bya swa mabindzu eka swifundzakulu hinkwaswo swa kaye eAfrika Dzonga ku antswisa mfikelelo wa nseketelo na vukorhokeri bya vutsundzuxi byo fana na vulanguteri bya le kusunguleni, vulanguteri, nseketelo wa nhluvukiso wa ximakiwa, mpfuneto wa swa timali, mfikelelo eka timakete, vukorhokeri bya vunkota, mfikelelo eka thekinoloji na ndhawu ya hofisi. Nhlangano na vutirhisani lebyi antswisiweke exikarhi ka tisekithara ta phurayivhete na ta mfumo i swa nkoka eka ku humelela ka modlolo lowu ringanyetiweke.

Esinye sezingqinamba abanikazi bamabhizinisi amancane naphakathi (ama-SME) ababhekene nayo emhlabeni wonke ukuntula ukufinyelela okuxhasweni ngemali yangaphandle. Iningi lamabhizinisi aseNingizimu Afrika aphethwe ngabamnyama linezinselele zokuxhaswa ngezimali ngenxa yokuntula isibambiso sokuvikeleka kanye nokuntula ukwethembana kwabaxhasi bezimali ukuthi amabhizinisi anjalo azobonakala esimeme.. Ukwehluleka kwama-SMEs ukuthola uxhaso lwezimali lwangaphandle oluvela ezikhungweni ezizimele nezikahulumeni ezixhasa ngezimali kubangele igebe lezimali. Ama-SME nawo ahluleka ukufinyelela uxhaso lwangaphandle ngenxa yokungafani phakathi kokufunekayo nokuhlinzekwa. Ngaphandle kokufinyelela ekuthuthukisiwe kwezimali zangaphandle, umkhakha waseNingizimu Afrika wama-SME angeke ukwazi ukufeza umgomo kahulumeni wokudala amathuba emisebenzi angaba izigidi eziyi-11 ngonyaka wezi-2030, njengoba kushiwo oHlelweni Lokuthuthukiswa Kwezwe okwaziwa ngokuthi (i-NDP). Lolu cwaningo lubuyekeze izincwadi ezikhuluma ngamathiyori amabhizinisi, amathiyori esakhiwo semali kanye nokusebenza kwezamabhizinisi eNingizimu Afrika. Ukubuyekezwa kwezincwadi kubheka amamodeli amabhizinisi, ukuziphatha kanye nezici zosomabhizinisi, kanye namamodeli amanje oxhaso lwama-SME nezinto okukhethwa kuzo. Lolu cwaningo lwamukele ukwakheka kwe-ethnografikhi kusetshenziswa izindlela ezixubile. Ukusampula okuhlosiwe kwasetshenziselwa ukuqoqa idatha kusetshenziswa izingxoxo ezijulile ezingahlelekile kanye namasu ohlu lwemibuzo. Izingxoxo ezingama-24 zenziwa ngesikhathi sesigaba sesimo. Isigaba socwaningo sihehe ababambiqhaza abayi-160. Indlela yokuhlaziya imininingwane yesihloko iqondise kahle ukuhlaziya imininingwane etholwe ngesikhathi sezingxoxo. Imodeli yezezimali ehlanganisiwe inikeza izinto okungakhethwa kuzo ezingokoqobo zokusheshisa uxhaso lwama-SME futhi ngaleyo ndlela kuvalwe igebe elikhona lokuthola imali. Ukusebenzisana okuthuthukisiwe kanye nobudlelwano phakathi kwezinkampani zikahulumeni nezizimele kubalulekile kukho kokubili ukufinyelela okuthuthukisiwe kwezimali kanye nokudala ukufinyeleleka kwemakethe kwemikhiqizo namasevisi ama-SME. Lolu cwaningo luphinde luncome ukusungulwa kwezinhlaka zokweseka ama-SME/osomabhizinisi kuzo zonke izifundazwe eziyisishiyagalolunye zaseNingizimu Afrika ukuze kuthuthukiswe ukufinyeleleka kwezinsiza zokweseka ezifana nokufukamela, ukweluleka, ukwesekwa kokuthuthukiswa kwemikhiqizo, uxhaso lwezimali, ukufinyelela ezimakethe, izinsiza zokublwa kwezimali, ukufinyelela kwezobuchwepheshe. kanye nendawo yehhovisi. Ukusebenzisana okuthuthukisiwe kanye nobudlelwano phakathi kwezinkampani zikahulumeni nezizimele kubalulekile ukuze imodeli ehlongozwayo ibe yimpumelelo.