After the Bell: Invest in our hustlers, dreamers and self-starters

The Oppenheimer family’s Covid loans are now being used to fund a new generation of entrepreneurs, for the benefit of South Africa.

It might seem like it happened in another lifetime, but it was in fact just about four-and-a-half years ago that the world went to hell. Entire countries closed down, some even sealed their people into apartment buildings, and the global economy screeched to a halt.

In order to avoid what seemed like an absolute certainty — death — we were masking, sanitising, and “social distancing” because our lives depended on it. And we relinquished booze, cigarettes, flip-flops, public gatherings, summer clothes and late nights. Not because having some kind of life would kill us. Most of us simply wanted to avoid the tjoekie.

Anticipating a bloodbath among SMMEs in South Africa, the Oppenheimer family heroically stepped forward in March 2020 with the South African Future Trust, which was to support small businesses through the Covid-19 crisis.  

Funded with more than a R1-billion from the Oppenheimer Generations Foundation, the trust made concessionary loans to businesses that would be directly paid to their employees. Although 40,000 loan applications were submitted within the first 35 days, the pot of money was substantial but not endless: 10,000 small businesses were thrown a lifeline, which ended up supporting more than 100,000 people in a desperate time.

The Covid response was SA Future Trust 1.0 

Having lent more than a billion rands, SA Future Trust chairman Jonathan Oppenheimer says the loans are being repaid slowly (the concessionary loan period ceases at the end of 2025), which allowed them to reimagine and rethink how they could use that money for the benefit of South Africa. “And critically for the benefit of that same community that we touched during the covid pandemic, which was small and medium-sized entrepreneurs who are, in my view, the fuel that drives any economy, and critically, the fuel that drives the South African economy”.

Not all loans have — or can — be repaid, but the trust never viewed it “too commercially”: it was a gift to South Africa in support of Covid. They had, as many did, expected a massive number of the businesses that were supported not to make it through Covid. They were surprised on two fronts: very few of the businesses went bust and those that emerged from the post-Covid environment were more resilient, stronger and better.

SA Future Trust 2.0 has now kicked into gear, with the first 2024 South African Future Trust Awards held last week. Once again, there has been an incredible response because the six awards were R500,000 each (comprising R250,000 in cash and a matching tailored support package of R250,000), which is a proper chunk of change for an entrepreneur and a startup. 

Oppenheimer says the adjudication process was the toughest he’s had in ages. “I mean, every single applicant was just a superstar, so do you choose one out of (dozens) in each category?”

In the end, the six winners were: Engage Mx, a healthcare platform, won the Tech Entrepreneur award for its data-driven approach to patient management. Tshepiso Branding Solutions, championing sustainable branding, claimed the Women in Business category. RLabs, a social enterprise focused on technology and skills development, won in the Social Entrepreneur category. JOBJACK, an online job search platform, won the Youth Entrepreneur award for its innovative approach to matching job seekers with opportunities. Bento Technologies, offering digital employee benefits, clinched the Most Innovative Idea title. Woodlam, a specialist furniture manufacturer, won for its successful implementation of the 2023 SA Future Trust Summit Playbook.

SA Future Trust could have had dozens of awards and unearthed dozens of exceptional entrepreneurs. With the incredible presentations and talent in the country, Oppenheimer says though we have many dark days here in South Africa, “that was one of the shiniest, brightest, warmest days I’ve had in years. It was just brilliant.”

On 24 and 25 October, SA Future Trust will hold its second SA Future Trust Summit at the Sandton Convention Centre: an “unconference”-style event celebrating the country’s “hustlers, visionaries, and self-starters”. Multiple stages will feature international and local speakers, entrepreneurs will be able to showcase their products, and in the end, they can make a live pitch to some of South Africa’s leading investors.

South Africa needs visionaries to help nurture the small woman (and man) on the street. Those who need help to grow sustainable businesses that create jobs. 

This article originally appeared on the Daily Maverick