COVID-19: YW Capital launches R20mn fund to help small businesses stay open

Financial consultancy and investment holding company YW Capital has stepped up to help small businesses impacted by the COVID-19 pandemic with the launch of a R20 million Business Acceleration Fund. The fund aims to provide crucial support to struggling businesses during these challenging times. YW Capital's CEO, Mesh Pillay, joined CNBC Africa to discuss the importance of this fund and its potential impact on the economy. Recognizing the significant financial strain faced by small businesses as a result of the pandemic, YW Capital's initiative comes as a beacon of hope for many entrepreneurs. The Business Acceleration Fund is designed to offer much-needed assistance to businesses grappling with the economic fallout of the global health crisis. Pillay highlighted the importance of both financial and non-financial collaboration in supporting small businesses. Not only is the fund seeking contributions from corporate partners, but also encouraging professionals with various skill sets to lend their expertise to help businesses navigate these challenging times. By fostering a collaborative environment, YW Capital aims to create a network of support that goes beyond monetary assistance. In the interview, Pillay emphasized the need for a collective effort to ensure the resilience of small businesses. He called on not just financial institutions but also individuals with diverse backgrounds to come together and contribute to the recovery of the economy. The fund is not only about financial contributions but also about leveraging skills and resources to uplift businesses in need. The economic impact of the pandemic has been widespread, with many small businesses struggling to stay afloat. The Business Acceleration Fund represents a glimmer of hope for these enterprises, providing them with the necessary support to weather the storm and emerge stronger on the other side. As the business landscape continues to evolve in response to the ongoing crisis, initiatives like the YW Capital's Business Acceleration Fund play a vital role in fostering resilience and sustainability among small businesses.