According to the Global Entrepreneurship Monitor 2013 Report, South Africa has one of the highest failure rates of business start-ups in the world. These business failures can be attributed to inadequate business knowledge, the incorrect candidates being awarded enterprise opportunities, as well as a lack of mentorship and guidance during the first 2 years of enterprise development.
To ensure that Solar Capital De Aar had a full understanding of enterprise development opportunities in De Aar, as well as how many local entrepreneurs would be candidates for financial assistance, Solar Capital launched a research project in 2015. The results of this research project showed that entrepreneurial skills are desperately lacking in community members in De Aar. Without addressing this issue, it was clear that economic growth in the municipal area of Emthanjeni would not take place. The accredited enterprise development programme enables local entrepreneurs to attend a 8 month training programme, access to income generating assets, mentoring and access to business related services. The success of the last five years has led to the decision to run the Entrepreneurial Development Programme for the period April 2020 – March 2021. The programme has been run in De Aar, Britstown and Hanover over the past 5 years and has launched the programme in Phillipstown for the period April 2020 – March 2021. Entrepreneurs are 100% black local beneficiaries.