Opportunity for district’s small businesses
ZULULANDOBSERVER / 24 FEBRUARY 2020 - 17.01 / STAFF REPORTER
The panel will be looking at funding business ideas with potential to start up new enterprises, or the further development of existing businesses
KING Cetshwayo district’s young entrepreneurs will be provided with a platform to pitch for funding from the Small Business and Innovation Fund (SBIF).
The panel will be looking at funding business ideas with potential to start up new enterprises,
or the further development of existing businesses
The Department of Small Business, in partnership with the Small Enterprise Finance Agency (SEFA) and Small Enterprise Development Agency (Seda), will host a youth development roadshow at Ngwelezana Hall next Tuesday at 9am and a masterclass workshop on Wednesday to provide information on funding opportunities and assist those wanting to pitch in front of a panel next month.
The panel will be looking at funding business ideas with potential to start up new enterprises, or the further development of existing businesses.
Criteria for selection will include whether a business or idea offers value, solves a problem or has a clear identity in the market.
SBIF aims to facilitate funding of entrepreneurship and innovation in various sectors for enterprises owned by targeted individuals such as women, youth, township and rural entrepreneurs.
Speaking at a small, medium and micro-sized enterprise (SMME) event in Johannesburg last year, Minister of Small Business Development, Khumbudzo Ntshavheni, said SBIF has to date approved projects worth R100-million in the Eastern Cape, KwaZulu-Natal and Western Cape, targeting the creation of 7 517 jobs.
‘Through Small Enterprise Finance Agency (SEFA) allocations, including the SBIF, which will collectively amount to R11.5-billion over five years, we are planning to fund 590 000 SMMEs which we project will create and maintain 665 000 jobs.
‘However, if we can leverage an additional R10-billion over the five years, we should be able to maintain and create one million jobs,’ she said.
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER