Where can you access funds?
SOWETAN LIVE / 01 NOVEMBER 2018 - 15:17 / GCIS
Between June 2015 and May 2016, the department of small business development trained 1037 informal traders, established 29 satellite offices and five centres of business excellence.
As long as your business or co-operative meets the criteria, you can access funding or grants through the department or one of its agencies. Bear in mind however, that public sector funding involves a thorough and careful process.
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Loans from SEFA can range from as little as R500 up to R3m, with the loans paid directly to owners. This direct payment is important in a business sector that is often not part of traditional banking system.
Call Centre: 086 000 7332
If you are directly involved in your business and need funding between R250000 and R75m, the National Empowerment Fund (NEF) may be able to offer some help. It is mandated to offer financial and nonfinancial help to black-owned businesses.
Call Centre: 0861 843 633
The Small Enterprise Development Agency - an initiative of the department of trade and industry - is available to give guidelines and training to entrepreneurs and assist with the processes needed to access funds.
Call Centre: 0860 103 703
How to access services
- Eligibility for assistance is based on a completed application form and business plan by owner or manager; the ability to repay a loan; the business must be registered; the business must operate in SA; the assessment of the application will be done at a regional office closest to the business.
After due diligence is done, a committee decides on approval.
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER