Minister of Finance and Economic Opportunities
- How many businesses will be supported through the 2023 SMME Booster Fund, (b) what is the average amount SMMEs receive and (c) what forms does this support take?
I am informed of the following:
- Applications to the SMME Booster Fund 2023 closed on 11 July 2023. A pre-evaluation, evaluation and adjudication on the applications will be conducted. Once the qualifying applicants have been adjudicated, the Department will have an indication of the number of businesses that will be supported.
- The SMME Booster Fund 2023 has been allocated a budget of R7.9 million. The full amount will be allocated for support to SMMEs that will form part of the approved projects. Once the number of SMMEs have been confirmed, the average value of support per SMME can be confirmed.
- The SMME Booster Fund 2023 will provide funding to organisations that support Western Cape based SMMEs with a focus on four categories, including women and youth-owned businesses, exporter development programmes and township-based businesses.
The purpose of the funding is to enhance holistic business development support projects and programmes implemented by these organisations. Holistic business development support projects and programmes include support interventions such as training, capacity building, mentoring, business coaching, technical support (machinery, equipment etc.).
The funding from the SMME Booster Fund will be used to provide non-financial support to the SMME beneficiaries of the approved project or programme. Depending on the proposals approved for support, the SMME Booster Fund could include, but not be limited to, machinery, equipment, software, licences, accreditations etc. Projects and programmes that will be supported by the SMME Booster Fund will thus provide holistic support (the complete package) to participating SMMEs.
