Standard Bank Thundafund Partnership

Your business might qualify for match funding if you run a successful crowdfunding campaign on Thundafund. It is a once-off opportunity (currently still available in 2024) for Standard Bank Business Clients who meet certain criteria.

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What are the qualifying criteria?

The following businesses can qualify

√ The business must have an operating Standard Bank Business Account (minimum period 3 months) Ideally the primary business banking account for the business.

√NEW businesses looking to set up a business banking account, can also qualify: follow the applicaiton process below, and a Standard Bank Agent will be in touch with you regarding their business banking options. The business can qualify for Match Funding in the meantime. Matched funds will only be paid out to Standard Bank Business Banking accounts.

and ONE or more of the below conditions must be met:

√ Woman-owned business (Minimum 51% ownership)

√ Youth-owned business (Minimum 51% ownership and under 35 years of age)

√ A business that has been affected directly by a disaster e.g. riots or natural disaster

√ A business located in a rural or township area.

Once approved as a participant in the project by Standard Bank and thundafund. africa, you will create a crowdfunding campaign on thundafund.africa. If you successfully raise funds you may be eligible to receive between R3,000 to R50,000 match-funding.

I qualify - what do I do?

If you are approved, you must first apply for Standard Bank approval of inclusion in the programme. If approved, you will run a crowdfunding campaign on Thundafund.Africa. Campaigns reaching between R3,000 and R50,000 of support from their backers and community networks may receive one for one match funding

How it works

> Apply to participate in this initiative by filling in the application form.

> Create, submit and run a successful campaign on Thundafund.Africa

> Receive Match Funds as you raise funds through your crowdfunding campaign

How do I receive Match Funding?

• Each qualifying business who runs a campaign on Thundafund can receive between R3,000 and R50,000 in matching funds.

• Matching funds will be activated as soon as you have raised R3,000 on your campaign. 

• Matching funds will be applied on a 1:1 basis between R3,000 to R50,000 e.g. Raise R5,000 from your own network, and get a R5,000 match. Your total raised will be R10,000.

How do I get people to contribute towards my campaign?

1. When your crowdfunding campaign is live, you will have a live weblink to direct people to your campaign page.

2. You will need to share this link and your story with your clients, customers, friends, local community and supporters.

3. People can then buy or support your offerings to help fund your enterprise. 

Reach out to your networks and encourage people to support you and spread the word to their networks to bring the crowd in. Your networks will include

• People closest to you, the project and the company e.g. friends, family, close supporters and trustees. Ask these people to reach out to at least 1 or more other person if they like your campaign

• People who know you, the project or the company e.g. Mailing List, Social Media friends and followers

• Marketing towards people who would be interested in the goods or services you have to offer ’The Shoppers’

Can a Campaign Creator extend their campaign in case they need more time?

Yes, this is possible. This is possible by notifying our support team through [email protected]

When do I receive the funds raised?

You will receive funds approximately 1-2 weeks after the campaign comes to an end.

• Thundafund takes up to 5 days to follow up on any pending payments to the campaign.

• A final reconciliation is created and sent to you for your approval.

• The campaign final reconciliation is then sent for SABRI approval in order for the Standard Bank Match Funding portion of raised funds to be released.

• Funds are then paid into the specified project bank account.

What are there costs involved?

• Once your project is successfully funded, Thundafund receives a commission on the final amount crowdfunded:

• 5% for certified NGOs;

• 7% for individuals and organisations.

• There are also Third Party costs such as Credit Card, Paypal and related Bank Charges that come off the total raised

It is important to bear in mind also:

• The cost of creating and delivering rewards. That will also need to come out of the "Reward" purchase. For example if you offer a T Shirt as a reward, what is the cost to purchase and print a shirt.

• Cashflow: You will only receive campaign funds after the campaign has come to a close, and the final reconciliation completed. This is why it is often recommended to deliver product-based rewards after the campaign closing date, to allow you to have the cashflow to cover the costs of making and devivering them

Cohorts

Thundafund.africa invites you to participate in either a one week or a 3-week cohort program that provides guidance or project creators embarking on a crowdfunding campaign as part of the Standard Bank Thundafund partnership.

The program includes three training sessions to provide you with the knowledge needed to run a successful crowdfunding campaign, and you are added to a communal Whatsapp group so that you may support other cohort colleagues and learn from their experiences. (If you are approved to join the promgramme you will be invited to join a cohort and the dates and times shared for the next available one)

*You do not have to participate in the cohort programme to qualify for the match funding, this is a support programme to enhance project creators' success*

Frequently Asked Questions

Who is Thundafund?

Thundafund is the leading rewards-based crowdfunding platform in Africa. Entrepreneurs with their own projects and ideas can use Thundafund to collect funds and establish a supportive crowd of backers through the crowdfunding process.

Who is SABRI?                                                                                                          

The South Africa Business Resource Institute, SABRI,  is a non-profit organization that works to reduce poverty and economic change through job creation, enterprise growth, and skill capacity building, with an emphasis on the long-term development needs of communities, young entrepreneurs, and women.

What is Crowdfunding?

Crowdfunding is a method of obtaining funds for your initiatives through tiny contributions from a big number of individuals. There is a time limit for raising the funds, and all donors receive a gift in exchange for their generosity.

Why Crowdfund?

• Debt-free, low-risk – You are not required to pay back your supporters since you are offering your supporters rewards in exchange for their contributions. Rewards incentivise backers to pledge their money according to how much they’re willing to contribute.

• Marketing – Crowdfunding is an excellent way to market your goods or services to a larger pool of individuals interested in purchasing your products.

• Increased Sales – Crowdfunding allows you to tap into a new group of potential customers which will lead to a boost in sales.

TERMS & CONDITIONS of the Thundafund Standard Bank Partnershop

Relevant terms and conditions applicable to campaign creators, from the Standard Bank Partnership agreement, are listed below:

2.1 The project will start on 18 October 2021 and end at midnight on 31 December 2024.

Update: The project has been extended for 2024, you can currently still apply to join the programme

2.2 All comments and advertisements may be featured on the Standard Bank andThundafund social media pages or through any digital or advertising means at the sole discretion of Standard Bank and Thundafund teams to promote the movement and campaigners.

3 Who is eligible to enter the competition

3.1 This competition is aimed at all small business owners in South Africa3.2 A participant (‘participant‘) must:

3.2.1 be 18 years or older;

3.2.2 reside in South Africa; and

3.2.3 be a small business owner; and

3.2.4 have a business bank account with Standard Bank; and

3.2.5 Women-owned business; OR

3.2.6 Youth-owned business; OR

3.2.7 Business operating in a rural area; OR

3.2.8 Business affected by a natural disaster or civil unrest e.g. flooding or the riots, civil unrest and looting in Kwa-Zulu Natal and Gauteng in 2021.

3.2.9 Standard Bank reserves the right to make the final decision whether or not abusiness will be eligible for matching funds.

4 How to participate in the competitionParticipants must complete the following tasks to get an entry:

4.1.1 List their essential expenses right now – how much money they have availableand how much they are going to need to overcome this crisis. This is prework thatparticipants must complete on their own, which will help with completing their campaign on Thundafund.

4.1.2 Map their network – make a list of everyone that has their back (customers,friends, family, etc). This is prework that participants must complete on their own, which will help with completing their campaign on Thundafund.

4.1.3 Identify what future reward can be offered in exchange for cash – this could be product or service discounts, merchandise or even a share of future revenue streams. This is prework that participants must complete on their own, which will help with completing their campaign on Thundafund.

4.1.4 Complete registration on Thundafund’s site and accept Thundafund’s terms and conditions here (https://blog.thundafund.africa/how-does-thundafund-work/terms-and-conditions/).

4.1.5 Businesses will receive templates, guidance, cohort-based training and peerlearning through Thundafund to position and create an effective campaign.

5.1.1 Submit their campaign through the online campaign process on theThundafund website– for review, approval and activation by Thundafund.

5.1.2 Once approved, their campaign will go live and participants can begin sharingtheir campaign online.

5.1.3 Various digital media advertising of the movement will elevate their campaign, but the campaigner is solely responsible for the effectiveness of their campaign.

5.1.4 Rally their network to support their business by supporting and sharing their campaign.

6 General

6.1 All information relating to this competition and published on any promotionalmaterial will form part of these terms and conditions.                                                  

6.2 The promoter, its associated companies, its agents, contractors and sponsorsassume no liability whatsoever for any direct or indirect loss or damage arising from an entrant’s participation in the competition or for any loss or damage.

6.6 By entering this competition, all participants agree to be bound by these terms and conditions, the terms and conditions of Standard Bank and by the terms and conditions of Thundafund.

6.7 The promoter is not liable for any accident, injury, harm, death, damages, costsand/or loss sustained by the prizewinner and/or any other person who participates in the prize with the prizewinner, at any point during the fulfilment of such prize.

7 Further enquiries

For more information and all questions about this opportunity please email us at [email protected] or visit thundafund.africa