Module 8 • The fi nancial plan Example of banking costs


Cash withdrawals: Own bank ATMs Other bank ATMs Over the counter


R6.70 R13.20


Minimum R17 (goes up the more you withdraw)


Deposits Autobank


Over the counter Post-dated cheque


Between R2.50 – R9 Between R5 – R25 R58


EFTs (telephone and Internet) R4.90 1.2.4 Other institutions


Many other institutions target new businesses to assist them and provide capital. Some are supported by the government and should be approached first when looking for finance. Examples are:


• Khula


Khula Enterprise Finance Limited is an agency of the Department of Trade and Industry (DTI) established in 1996 to facilitate access to finance for SMMEs. Khula provides assistance through various delivery channels.


These include commercial banks, retail financial intermediaries (RFIs) and micro-credit outlets (MCOs). Through its Thuso Mentorship Programme, Khula also provides mentorship services to guide and counsel entrepreneurs in various aspects of managing their businesses.


Many small businesses do not have assets to put up as collaterals for a bank loan. To assist these businesses, Khula, offers them a credit guarantee scheme.


• Government


The Department of Small Business Development was recently created by the government to assist small businesses.


In the words of the Minister, the new department would “do all it can” to support the growth of small businesses. Small business owners who were consulted by this new department raised concern about red tape, saying it hindered their growth. Other concerns raised included access to funding, credit lines and corruption.


“A dedicated phone line will also be introduced where people can file complaints ... government is not only about financial assistance. There are non-financial systems in place, which can assist people. We will do this in consultation with all stakeholders. We will focus on creating an enabling environment for small businesses to grow and thrive.” the minister said.


All prospective entrepreneurs should follow developments in this new department closely. Help might be on the way!


PAUSE FOR THOUGHT


Bank charges can be quite hefty. That is how banks make their money. Know how much it will cost you when, for example, you draw money at the ATM or when you draw cash at the bank. You pay even more when you use another bank’s ATM.


NOTE


The above amounts are approximate amounts and are subject to change. However, you will note that electronic banking is in most instances less expensive and safer. Stay away from other banks’ ATMs if possible.


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