With the aim of supporting SME development, specialist business finance company Business Partners Limited is launching the 12th annual SME Toolkit-Business Partners Ltd Business Plan Competition for Aspiring Entrepreneurs this year.

The competition gives aspiring entrepreneurs the opportunity to learn how to start a business through free training, access to mentorship and the chance to win a cash prize to fund the launch of their business.

Aspiring entrepreneurs of all ages are encouraged to enter and, by doing so, have access to support offered through online workshops and support groups. In compliance with COVID-19 restrictions, the process will be facilitated via online platforms Facebook, WhatsApp, and Microsoft Teams/Zoom, meaning that access to the Internet is essential for all applicants.

Participants will be provided with training material on how to develop a business plan, a marketing strategy, and a cash flow forecast, and will be able to participate in online workshops and group discussions before submitting their business plan.

Business plans will be assessed and adjudicated, and six finalists will be selected, winning mentorship vouchers to the value of R10 000 (€570) each. Prizes for runners-up include vouchers to receive mentorship assistance from leading business experts, and for the winner, a further mentorship voucher, as well as a cash prize of R30 000 (€1710).

“This is the time for South Africans to take the leap and start their own businesses and become employers within their communities. It is the collective responsibility of the public and private sectors to create an economic and social environment that is conducive to this development, and this competition is one way to build towards that goal,” says David Morobe, Executive GM of Impact Investing at Business Partners Limited.

To enter the SME Toolkit-Business Partners Ltd Business Plan Competition for Aspiring Entrepreneurs, applicants can use this online entry form. The closing date to enter is August 15.