Supplier development is a process designed to support local small and medium business enterprises by deepening the market to which they can sell. This is done through working with both large firms and aggregators, as well as MSMEs which are known as suppliers. The objective is to encourage small businesses to meet specific criteria to become a supplier to the larger firms – or aggregators. In doing so, local employment and production is encouraged – and over time products produced as a part of the program can be exported abroad and start to compete on the global stage.
FinMark Trust has created a supplier development program to support MSMEs’ access local and international markets via large regional retailers in the SADC region, particularly those operating out of South Africa. The program will support MSMEs to systematize their production and meet international standards (such as becoming ISO certified). Over time, the program will lead to the development of sustainable jobs for local communities.