The 2024 SA SMME Access to Finance Report: A Game-Changer
The 2024 SA SMME Access to Finance Report: A Game-Changer. Finfind, South Africa’s leading online access-to-finance platform for micro, small, and medium enterprises (SMMEs), is set to publish the 2024 SA SMME Access to Finance Report, the country’s most comprehensive study of its kind. This report offers groundbreaking insights into the SMME funding landscape, aiming to bridge the funding gap and empower small businesses.
First published in 2018, Finfind’s inaugural report, sponsored by the SA SME Fund, became a cornerstone resource for business development service providers, financiers, and policymakers. It provided a robust analysis of SMME funding challenges, drawing on credible datasets from the Bureau of Economic Research, Stats SA, and SARS, among others. The 2024 edition builds on this legacy, presenting data from 10,000 SMMEs that applied for funding between 1 September 2023 and 31 August 2024.
Growth in the Funding Ecosystem
Since 2018, the number of active SMME funders has more than doubled, increasing from 148 funders offering 315 products to 328 funders offering 605 financial products (including grant, equity, and debt options).
Updated Insights on the Credit Gap
The report analyses the evolving state of SMME funding readiness, identifying key barriers and providing actionable recommendations to address the credit gap and mismatches in supply and demand.
National and Global Collaboration
The 2024 report reflects a collaborative effort, supported by key sponsors and partners like:
- African Bank (lead sponsor).
- SAB Foundation, Experian, and the Department of Small Business Development.
- Independent data analysis by Stellenbosch University’s Bureau for Economic Research and peer-reviewed by the International Finance Corporation (IFC).
Access to finance remains a leading cause of SMME failure in South Africa. While many studies highlight general challenges, this report focuses exclusively on funding issues, addressing a significant gap in existing research. With evidence-based insights, it serves as a critical resource for:
- Policymakers: Guiding effective resource allocation and policy development.
- Funders: Designing financial products tailored to SMMEs.
- Business Development Service Providers: Equipping SMMEs with the tools to become funding-ready.
Finfind is committed to ensuring this vital sector has access to critical data. The 2024 SA SMME Access to Finance Report will be available free of charge to all stakeholders, including business owners, funders, and policymakers.
“By making this report freely available, we aim to empower stakeholders with the knowledge needed to address the challenges of accessing finance and to build a thriving SMME sector that supports South Africa’s economic growth,” says Darlene Menzies, CEO of Finfind.
