Absa Bank sets aside R10,5m to uplift the township economy.
Absa Bank has extended a R3,5 million facility to eSpaza Sum Holdings to help the company in its endevour to uplift and modernise 22 spaza shops in Mamelodi and Pretoria West. A further R7 million will be extended to help uplift Mpumalanga and Limpopo spaza shops as the financial year progresses, taking the bank’s total contribution towards the transformation of township economies in the region to R10,5 million.
eSpaza Sum Managing Director and founder, Tshepo Seeta says: “Absa’s support will not only see the sustainable establishment of spaza shops but it is envisaged to create jobs and help these spaza shop’s net triple times more profit as they have in the past. The project has already seen transformed spaza’s record a 300% increase in airtime sales.”
eSpaza Sum aims to accelerate the transformation of 100% black-owned spaza shops into sustainable businesses that can compete with major retailers in the mainstream economy. The company secures greater access to markets, procurement, distribution channels and a variety of stock and merchandise at competitive pricing in partnership with Big Save, one of South Africa’s largest wholesalers. It also holds monthly store promotions on behalf of spaza shops and restores their images into well-structured, recognisable, brand backed and established businesses.
For the full story: SA Good News.