Banks shun black businesses

Durban — One of the biggest problems in our country is that traditional banks do not support black businesses was the utterance made by Durban’s business mogul, Vivian Reddy. Reddy, chairperson and founder of the Edison Power Group, spoke at the reSURGEnce Conference held at the Inkosi Albert Luthuli International Convention Centre (ICC), this past week. The global business conference that ends today aims to bring together industry leaders, entrepreneurs, and government officials from the US and South Africa for insightful discussions, networking opportunities, and collaboration sessions aimed at unlocking the vast potential of the African market. Reddy related how black SMMEs are struggling to get capital, which drew a roar of approval from the attendees seated in the auditorium. He said getting capital was difficult as he also finished an R2 billion project without a single cent from South African banks. He believes Durban was rich in culture and that guests should not be housed only in Umhlanga Rocks venues but also in the lovely hotels in townships like uMlazi, where establishments like Maxis’ Lifestyle Village was located. “That is what’s going to change the economy of this country,” he said. Reddy said it was not good that South...