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How To Apply For Funding For Small Business Startups At The PIC?

TECHFINANCIALS / 20 FEBRUARY 2019 - 09.04 / GUGU LOURIE

We have received several queries from readers on how to apply for funding for small business startups at the Public Investment Corporation (PIC), the state-owned pension fund manager?

Last December, the South African government launched a R2 billion fund to help small business start-ups that are geared towards creating employment opportunities and contribute to the growth and development of the economy.

Startup funding. soi7studio / Shutterstock.com

The Project Development Partnership Fund (PDP) has been established through a joint venture between the Public Investment Corporation (PIC) and Unemployment Insurance Fund (UIF) – an entity of the Department of Labour.

The PDP Fund will focus on funding early stage, investable projects, opportunities or innovations in key and targeted economic sectors. These include:

  • Agribusiness and Bioscience;

  • Mining and Beneficiation;

  • Energy and Related sectors;

  • Manufacturing;

  • Information Communication Technologies;

  • Social Infrastructure;

  • Water and Waste; and

  • Financial and Related services.

We have generated from PIC website focusing on PDP a quick guide on how to apply for these funds:
How do I apply for funds?

Applicants can send through a brief summary outlining the business opportunity and complete the attached form. Incomplete submissions will not be considered.

Where do I send through my application?

Applications can be sent to PDP@pic.gov.za.

What is the maximum amount of funding one can get?

Minimum funding being R5 million and a maximum of R100 million.

What kind of business is the PDP Fund looking to fund?

Innovative companies that have delivered proof of concept (post idea phase), financially sustainable, solving a socio-economic challenge and having a potential to grow whilst creating employment.

Please click here for the application form.

A strong focus of the fund will be to drive woman and youth-led entrepreneurs.

The PDP Fund, an Impact Investing Fund, seeks to invest directly into the economy to contribute to South Africa’s socio-economic objectives, such as job creation, inclusive growth and transformation; whilst generating financial returns.

Projects that meet the Fund mandate, whilst being innovative, aligned to the PIC sectoral strategies and contributes to alleviating socio-economic challenges, will be considered for funding.

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LINK : https://techfinancials.co.za/2019/02/19/how-to-apply-for-funding-for-small-business-startups-at-the-pic/

Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER

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