Tourism equity fund applications open
ZULULAND OBSERVER / 03 FEBRUARY 2021 - 15.44 / GUGU MYENI
It will be managed by the Small Enterprise Finance Agency (Sefa) on behalf of the Department of Tourism
Entrepreneurs who have projects that need funding are invited to submit proposals to the newly launched Tourism Equity Fund.
Elephants can be seen on the road to Cape Vidal
The fund is a combination of debt finance and grant funding to facilitate new project development in the tourism sector.
It will be managed by the Small Enterprise Finance Agency (Sefa) on behalf of the Department of Tourism over the initial three-year period, and then re-evaluated.
‘During this three-year period, the Department of Tourism will capitalise the fund with an amount of R540-million.
This will be boosted with a contribution of R120-million from Sefa and R594-million from commercial banks that will be participating in the programme.
‘This combination will put the value of the Tourism Equity Fund at just over R1.2-billion,’ said Tourism Minister, Mmamoloko Kubayi-Ngubane.
Funding will focus on accommodation, hospitality services including conference and convention facilities, travel services and initiatives which support tourism development and job creation.
‘It seeks to stimulate new investments and to fully exploit unexplored potential in our country’s tourism sector.
‘Part of the objective is to fund commercially viable and sustainable majority black-owned tourism enterprises with a minimum of 51% black ownership, including enterprises in rural areas and townships to help create jobs and alleviate poverty,’ said Kubayi-Ngubane.
For more information or to submit proposals, email email@example.com
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER