Minister of Finance and Economic Opportunities
Question by:
Hon Moses Klaas
Answered by:
Hon Mireille Wenger
Question Number:
17
Question Body:
a) What development funding opportunities are provided by her Department to small businesses operating in townships in the province and (b) what is the detailed list of funding opportunities in the province for start-up businesses?
Answer Body:
I am informed of the following:
- Development funding opportunities offered by the Department are dispersed through the SMME Booster Fund. This year, the SMME Booster Fund will focus specifically on support projects and programmes aimed at growing and developing SMMEs, in the following categories:
- Exporter development
- Women-owned businesses
- Youth-owned businesses
- Township-based businesses
- Further to the SMME Booster Fund, the Red Tape Reduction Unit works with all levels of government to cut red tape faced by SMMEs and to make it as easy as possible for them to trade and expand. Additionally, the Department works closely with and will facilitate application to the development financial institutions (DFIs) that are mandated to provide funding opportunities for SMMEs (start-up and existing). The DFIs form part of the Departments SMME Forum and include (i) the Small Enterprise Finance Agency (Sefa), (ii) the National Empowerment Fund (NEF), (iii) the Industrial Development Corporation (IDC), and (iv) the National Youth Development Agency (NYDA). In addition to public sector funding agencies, start-up funding is also provided by the commercial banks.
Date:
Friday, June 30, 2023
