Amidst mounting economic challenges and an urgent need to address spiralling youth unemployment, the Nelson Mandela Bay Business Chamber, in collaboration with Standard Bank, will be hosting the Business Ignition Challenge, a dynamic initiative aimed at supporting local entrepreneurs and micro-enterprises through targeted grant support and capacitation.
As businesses across various sectors continue to feel the effects of declining economic conditions, this developmental competition arrives at a time when the metro is grappling with an unemployment rate of 22,3%, a 0.5% increase over the last quarter, according to the latest Stats SA Quarterly Labour Force Survey. The Eastern Cape Province has a youth unemployment rate of 54.3%, with the lowest youth labour force participation rate nationally at 39.8%.
Powered by Standard Bank through its Enterprise Development division, the Business Ignition Challenge will award three selected businesses with developmental funding focused on equipment and machinery – assets essential for growth, innovation and sustainable job creation. Applications open on 28 July 2025 and are open to businesses operating in Nelson Mandela Bay, with a preference on innovation. The programme is inclusive, ensuring businesses from all sectors have an equitable opportunity to participate and benefit.
The Challenge is open to Micro, Small, and Medium Enterprises (MSMEs) operating within the Metro and features three award categories: Best Youth-Owned Business, Best Township-Based Business, and Best Entrepreneurship Desk Registered Business. While the first two categories are open to all qualifying MSMEs in the region, the third category is exclusively reserved for MSMEs that are members of the Nelson Mandela Bay Business Chamber and registered with its Entrepreneurship Desk.
Highlighting the importance of the programme, Denise van Huyssteen, Chief Executive Officer of the Nelson Mandela Bay Business Chamber, said the Business Ignition Challenge is a proactive intervention designed to spark economic revitalisation from the ground up. “The Business Ignition Challenge is more than just a competition, it’s a targeted intervention at a time when our metro’s economy is under immense strain. Youth unemployment is at crisis levels, and it is only through innovative, entrepreneurial thinking that we can unlock sustainable solutions. By supporting youth and township-based MSMEs, we are sowing the seeds for long-term economic revival. These are the businesses that can create jobs, inject energy into the economy, and inspire other young people to dream and act boldly.”
Van Huyssteen noted that this programme addresses a key hurdle many entrepreneurs face such as access to equipment and the resources needed to scale. “We are especially proud to collaborate with Standard Bank, whose commitment to inclusive economic development aligns perfectly with our mission. By enabling access to equipment and machinery, this initiative addresses a major growth constraint for many small businesses. This is not a once-off event but the beginning of a broader effort to support entrepreneurship as a driver of transformation and resilience.”
She further highlighted the significance of private sector collaboration in tackling the region’s socio-economic challenges. “Collaborations such as this, between the Chamber and Standard Bank, demonstrate how business-led development can complement public efforts and have a tangible impact on people’s lives.”
Jonty Bouw, Provincial Head of Enterprise Banking for the Eastern Cape at Standard Bank, expressed the bank’s strong belief in entrepreneurship as a cornerstone of the nation’s economic future. “At Standard Bank, we believe that South Africa’s economic future rests in the hands of its entrepreneurs, especially those who are building businesses in high-impact areas like technology and AI. The Business Ignition Challenge gives us the opportunity to back the builders of tomorrow. These are the innovators who are creating local solutions to local problems, generating employment and revitalising communities.”
He underscored Standard Bank’s continued commitment to economic empowerment and developmental finance. “We understand that access to funding and equipment remains a significant barrier for many youth and township-based businesses. Through this collaboration with the Nelson Mandela Bay Business Chamber, we are directly addressing those barriers. More importantly, we are investing in the future of our economy – one small business at a time.”
Louw added that the initiative forms part of a broader, long-term vision. “We view this challenge as a powerful platform to connect high-potential MSMEs with the resources they need to thrive. It aligns with our mission to drive Africa’s growth by creating shared value and ensuring that financial solutions are accessible to all.”
The 2025 call for applications for the Business Ignition Challenge stands as a timely and impactful step towards empowering local businesses, stimulating youth entrepreneurship and unlocking opportunities within township economies. In doing so, it contributes directly to job creation and long-term economic sustainability in Nelson Mandela Bay, a city urgently in need of such momentum.
Applications officially open on 28 July 2025, and all qualifying MSMEs are encouraged to apply through the Chamber’s Entrepreneurship Desk. For more information, interested businesses can contact the Entrepreneurship Services Co-ordinator, Terri Diedericks.
