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;
Information Communication Technologies;
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.
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER