Durban Chamber of Commerce & Industry's role in supporting SMMEs

The Durban Chamber of Commerce and Industry plays a crucial role in supporting Small, Medium, and Micro-sized Enterprises (SMMEs) in South Africa. According to a study from the International Finance Corporation, SMMEs account for more than half of all formal jobs worldwide. During the recent KZN Economic Council Roundtable, experts gathered to discuss the necessary steps to create a conducive environment for SMEs to thrive in KZN. In an exclusive interview with CNBC Africa, Dumile Cele, the CEO of the Durban Chamber of Commerce and Industry, highlighted the organization's commitment to supporting SMMEs. Cele emphasized that chambers of commerce and organized business structures have evolved over the years to represent a diverse range of businesses, from large corporations to the smallest enterprises in townships. The Durban Chamber of Commerce and Industry serves as a voice for businesses in various forums and ensures that the policy framework is conducive for business growth. In recent years, the focus has shifted towards supporting SMEs, recognizing them as vital members of the chamber's network. One of the key ways the Chamber supports SMEs is by providing access to information. Many SMEs operate in isolation without knowledge of important legislation or labor laws that could impact their businesses. By joining the chamber, SMEs gain valuable insights into relevant regulations and industry trends, positioning them for success. Moreover, the Chamber offers opportunities for upskilling, providing technical and business training to help SMEs build sustainable enterprises. In addition to information and skills development, the Durban Chamber of Commerce and Industry facilitates market access for SMEs. While government markets are essential (B2G), the chamber also focuses on strengthening business-to-business (B2B) connections. By integrating SMEs into the supply chains of larger corporations, the Chamber aims to enhance their sustainability and reduce the high failure rate among SMEs. Furthermore, the Chamber strives to connect SMEs with international markets (B2I), expanding their reach and opportunities for growth. Access to finance is another critical area of support for SMEs. The Chamber collaborates with developmental financial institutions and commercial banks to create innovative funding models tailored to the needs of SMEs. Recognizing that traditional financing structures may not always be suitable for small businesses, the Chamber works to develop creative and low-risk funding solutions that enable SMEs to thrive. Lastly, the Chamber promotes networking opportunities for SMEs, encouraging them to engage with established businesses through chamber events and initiatives. Building relationships within the business community is essential for SME growth, as business transactions often stem from personal connections. By fostering a supportive network, the Durban Chamber of Commerce and Industry aims to empower SMEs and contribute to their long-term success.