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SMMEs struggle to stay afloat in 2023

Tuesday, December 19, 2023 | 520 Views |

Inflationary pressures, low market disposable income and lack of access to finance have been a perennial stranglehold on the growth and survival of Small, Medium and Micro Enterprises (SMMEs), in 2023, according to a new report.

Despite government’s efforts through policy interventions and ramped up funding opportunities, SMMEs growth and survival rates have been plummeting with many of them protracted to playing only in the informal sector.

An evaluation of SMMEs performance for this year revealed that many enterprises are having a difficult time leaping from the informal to formal sector.

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