Financial institutions and organisations promoting entrepreneurship Flashcards
What is retirement annuity?
A saving plan that pays out money the you retire.
What are financial institutions?
Businesses that provide some kind of financial service where people can invest or borrow money. E.g, banks, insurance companies, pension funds, and investment companies.
What are two of SA’s biggest financial institutions?
apart from banks-
Old Mutual and Sanlam
How do insurance companies work?
People can pay insurance companies money to insure or protect them or their property against loss due to fire, accidents, or theft. If one of these things happen to you, they will pay you a certain amount of money. You can also buy health or life insurance which pays you or your family if you get sick and die…
What is the SBDA? What does SBDA stand for?
The Small Business Development Agency is a government agency run by the Department of Trade and Industry. They give advice and support to small businesses, and have regular market days and courses for entrepreneurs.
What is the Khulu Enterprise?
They helps small business owners get bank loans of R1 million or less to start their business.
What is the The National Youth Development Agency?
The National Youth Development Agency promotes entrepreneurship, job creation and skills development for South Africans between the ages of 14 and 35.
