According to a recent Mastercard Index of Women Entrepreneurs, while women’s entrepreneurial activity rate declined in many economies across the globe, South Africa was one of only 12 economies that saw the sector grow.“As we approach National Woman’s Day on Tuesday 9 August this year, it is heartening to see that 11.1% of South African women engaged in early-stage entrepreneurial activities in 2022, despite Covid19 and other challenges,” says Andrew Maren, founder and CEO of fintech company ProfitShare Partners.
“This is up from up from 10.2% in 2020, and bears testament to the strength of South African women in the face of adversity,” he notes, with reference to the country’s public holiday commemorating the famous 1956 march of 20,000 women on the Union Buildings in Pretoria.
Access to capital as stepping stone to growth
It is a day when we laud the progress of women in all walks of life in South Africa. Maren says, adding that a huge part of that progress in recent years is the growth of women entrepreneurs and start-ups.
“Importantly, the Mastercard Index shows that availability of SME venture capital to women grew from 42.6% in 2020 to 43.6% in 2021. This is where ProfitShare Partners enables small business owners across the board to shine, and gives women opportunities they were less likely to have in the past,” Maren asserts.
“Women entrepreneurs are playing an increasingly larger role in the South African economy and, as with their male counterparts, ProfitShare Partners encourages the strength and tenacity it takes to start businesses and the value each new business brings to South Africa’s economy in the form of job creation and financial inclusivity.”
By offering entrepreneurs and creators of new businesses an opportunity to access capital online and with far less red-tape often required by large financial institutions, ProfitShare Partners has already assisted with cash injections from R250 000 – R5 000 000.
Maren explains that where an applicant has a signed contract or purchase order to fulfil, PSP can provide 100% of the capital needed. “We take the worry out of financials, security or a track record,” he says. “As a fintech firm, ProfitShare Partners is agile and able to respond to potential clients rapidly, meaning your signed order can be fulfilled quickly and your client could become a long-term supporter of your business.”
Women creating workforce success
The theme for National Women’s Day 2022 is “Gender equality today for a sustainable tomorrow”, Maren notes. “We support both this theme and the idea of a sustainable tomorrow for all South Africans.
“By making capital available to start-ups with purchase orders, ProfitShare Partners is a driver of business sustainability. By encouraging women to take advantage of the opportunities PSP can open doors to, we know that we’re backing a sector that has shown its strength from the 1956 march to the ongoing growth in women-owned businesses in 2022.”
Maren adds that the ProfitShare Partners team salutes the women who have kept walking the path of financial inclusivity with determination, and hopes to keep being the go-to fintech for access to capital that makes the journey to business success so much easier.