In November 2025, the JSE marked the third successful year of its SME Rise Capital Matching Roadshow, an initiative that has become a vital catalyst for SA’s small and medium enterprises (SMEs).

Launched to address the persistent funding gap for this critical sector, the programme has significantly expanded its reach, helping more than 2 000 companies over the past three years with development support, funding-readiness training or direct capital-matching engagements.

SMEs account for nearly 90% of all businesses in SA and provide jobs to more than half the national workforce – yet funding remains a critical challenge, says Cleola Kunene, the JSE’s Head of SME Development.

‘SMEs are the heartbeat of our economy,’ she says. ‘Without them, we wouldn’t have the level of job creation, innovation or social impact that is needed to sustain our country. Yet they face disproportionate challenges in securing growth capital.’

Those funding hurdles often stem from a lack of investment or funding readiness, says Kunene. ‘Unfortunately, many SMEs still lack a firm understanding of the types of funding available or even what’s right for their business,’ she says. ‘Often, their financials are not well structured, and many lack the succinct pitch decks that are required to convey their value proposition or funding needs.’

On the other hand, despite the wide range of options, many funders struggle to attract viable and investment-ready businesses. The SME Rise programme works with funders to bring them into the fold and help them align their requirements.

‘Another challenge we see is the “missing middle” gap,’ says Kunene. ‘More and more businesses have outgrown microfinance but are not yet large enough for traditional private equity or bank lending and are not venture capital aligned. They fall into that gap, where funding is scarce and other sources need to be unlocked.’

The SME Rise Capital Matching Roadshow aims to bridge these gaps. A collaboration between the JSE, government, development ecosystems, business chambers, municipalities and associations, and funders, it has seen success in the Western Cape, Eastern Cape, Free State, Gauteng and Limpopo provinces, and continues to expand nationally.

‘We are widening the net in a very intentional way, taking the Capital Matching Roadshow to new territories and expanding our focus into agriculture and agro-processing SMEs, because these businesses anchor livelihoods and local economies across the country,’ says Kunene.

In 2024, it matched 190 SMEs with funders, who collectively provided R26.5 million in funding. Building on that, the 2025 edition received more than 1 000 applications, demonstrating the strong appetite for structured routes to capital. The funder network also grew from eight in 2024 to 11 in 2025, showing rising confidence in the programme’s ability to surface investable SME opportunities and support the flow of capital into the real economy.

Through the programme, SMEs have been matched with a curated network of funders – including venture capital firms, development finance institutions, private equity and commercial and alternative debt providers.

As the JSE SME Rise Capital Matching Roadshow moves into its fourth year in 2026, the JSE remains committed to its mission to transform promising enterprises into economic powerhouses.

‘The clear, structured path to capital provided by this programme is proving to be a game changer, demonstrating the powerful role of capital markets in building a more inclusive and prosperous South Africa,’ says Kunene.

‘Our approach is practical and outcomes-driven. We help SMEs become funding-ready, put them in front of the right capital partners, and support follow-through so that strong leads convert into real investment.

‘Talent and viable enterprise exist everywhere; our job is to make sure capital can find them,’ she says.

By Mark van Dijk
Image: iStock