Nedbank SA invests in Bandwidth Barn
Nedbank Business Banking last week presented the Bandwidth Barn, an information and communications technology business incubator in the Western Cape, with a cheque for R500 000 at a function at Nedbank’s offices at Cape Town’s V&A Waterfront.
The funds have been provided as a grant to the Bandwidth Barn as part of Nedbank Business Banking’s Enterprise Development assistance, and will be used to grow ICT companies in the Western Cape.
The Bandwidth Barn is a Cape Town based company that incubates businesses in the ICT sector. The company encourages innovation and provides ongoing training and support needed to help businesses overcome the entry barriers to employment, start-up, survival and growing their businesses.
The programme encompasses increasing ICT sector competitiveness through training and skills; supporting ICT Sector growth by stimulating and boosting entrepreneurship; and transformation of the ICT sector through SMME & BBBEE enterprise support.
A recent impact analysis on the successes of the Bandwidth Barn’s programmes since 2006 has revealed that of the 40 companies that have participated in the programme, 33 are still in business. This equates to a survival rate of 82.5%.
Nirmala Reddy, Nedbank Business Banking’s Senior Manager Enterprise Development says, “We are extremely proud to contribute to this important initiative. Bandwidth Barn’s success record surpasses international benchmarks in terms of success ratios from a sustainability point of view, and their contribution to the ICT sector is impacting positively on Cape Town’s vision to become the ‘Silicone Valley’ of the Southern Hemisphere.”