The transformation of South Africa’s economy has not progressed quickly enough to meet the twin imperatives of Broad-based Black economic empowerment and consistent economic growth. Hollard aims to contribute to the resolution of these challenges through assisting black entrepreneurs to create sustainable businesses within Hollard’s supply chain.
We believe there is a better way to help black-owned businesses grow. While South Africa has made significant strides toward transforming our economy, our journey is a long one and there’s no question we’ve still got a long, long way to go.
We believe there is a better way to help black-owned businesses grow.
At Hollard, we think that one of the most meaningfully transformative things we can do is to help create and support small black businesses, by assisting them with access to funding, business development support, networking opportunities and training.
So, in the true spirit of Broad-Based Black Economic Empowerment, we’ve established an Enterprise and Supplier Development programme that focuses on providing opportunities to black-owned businesses to become suppliers to Hollard.
Our target is for more than half of our Total Measured Procurement Spend to be directed at businesses that are more than 50% black–owned and, we’re off to the best possible start because, among the first 18 such suppliers are a number of our very own Hollardites.
Through the ESD programme, small enterprises that meet the qualifying criteria, are able to access:
- Financial support (in the form of loans at 0% interest, with
- deferred payment terms, or grants)
- Business support (such as access to accounting, HR, legal, training
- resources) as well as mentorship, networking opportunities and
- access to markets
To qualify, they must be at least 51% black-owned and must also:
- be an existing, or potential, supplier to Hollard (with a contract or letter of intent)
- support Hollard’s overall strategy (as well as a specific business unit or organisational support unit strategy)
- benefit the overall insurance value chain.
From the businesses we are supporting, we’re delighted to have on board, various suppliers working with us in all areas of our business, from the corporate side of the business to the claims side of the business as well as distribution.