Wednesday, October 6, 2010

Business finance available at the Cape Town Business plan competition

Great blog article on the Cape Town business plan competition, currently inviting business plan entries from Cape Town based entrepreneurs. The competition organized by Bandwidth Barn are hoping to make the initiative an annual occurrence, ensuring business finance is made more accessible to entrepreneurs in the region.

Both banks and the government has come under continued pressure to provide further funding to businesses hoping that such finance will create a enterprise culture in the Western Cape region. The idea is obviously for initiatives such as this to first of all support job creation in the area and also to boost the economy as a whole.

Right from the moment someone thinks of a business idea, there needs to be cash. As the business grows there are inevitably greater calls for more money to finance expansion. The day to day running of the business also needs money.

One of the main reasons a business needs finance is to start up in the first place. Depending on the type of business, it will need to finance the purchase of assets, materials and employing people. There will also need to be money to cover the running costs. It may be some time before the business generates enough cash from sales to pay for these costs. Link to cash flow forecasting.

Entrepreneurs have expressed their excitement for the opportunity and we trust that it will go from strength to strength.

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