Mkhize: Growing calls for creation of black-owned bank for small businesses
The ANC's Zweli Mkhize says he plans to speak to Finance Minister Malusi Gigaba about possibly offering tax incentives to companies that fund small businesses.
JOHANNESBURG – African National Congress (ANC) treasurer-general Zweli Mkhize says there are growing calls from within the party for the creation of a black-owned bank that will cater for the needs of small businesses.
He says bigger banks seem to have neglected smaller businesses in providing financial support to stimulate economic growth.
Mkhize responded to business leaders at the Progressive Business Forum’s business breakfast briefing in Nasrec on Sunday.
"A bank that must actually cater for the needs of the small businesses who are actually getting neglected by the big banks. We’re going to discuss some of that."
He says a black bank would be able to create more avenues for small businesses to source funding.
Mkhize says he plans to speak to Finance Minister Malusi Gigaba about possibly offering tax incentives to companies that fund small businesses.
“Therefore, they know they can make money when they support small business. That seems to be the only thing that might help guide them.”
He says this will drive bigger businesses to support smaller firms, especially in informal areas.