A Wits University student is set to launch a funding platform for entrepreneurs.
A new platform that helps small businesses gain access to funding and other financial instruments is set to be launched by Wits University student, Khanyisile Madonko Nderezina, on Friday, April 23, 2021.
The platform, Funding-axis, was created in response to the lack of funding opportunities available for SMMEs in Africa. This is according to Nderezina, who adds that, “The absence of funding and lack of access to financial markets for businesses has created the need for Funding-axis to streamline business funding access for all companies at different levels of growth”.
Funding-Axis has partnered with several local and international financiers to facilitate funding for SMMEs. The primary goal of the platform is to offer short-term financing to businesses. However, there may be the possibility of an equity investment in which a portion of the business is taken in return for the funding. According to Nderezina, “Our local and international financiers are offering a diverse number of funding products and instruments”.
The platform will use two metrics to assess a business’ worthiness for funding. The grading matrix will assess a business based on credit worthiness against the financier’s criteria while the bankability matrix will assesses a business based on its ability to yield optimal returns.
Tevin Ramalu, a final year law student at Wits and the founder of Envision Brand Services, a small company that offers professional branding services, told Wits Vuvuzela, “Against the backdrop of a stagnant economy exacerbated by the global pandemic, platforms such as Funding-Axis will provide a significant opportunity for business development through financial capital markets.”
Individuals who run their own businesses and want to be considered for funding can sign-up on the Funding-axis page and can learn more about funding opportunities on the website.
FEATURED IMAGE: Wits University Khanyisile Madonko Nderezina will launch Funding-Axis on April 23. Photo: Provided.
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