Local business people urged to apply for business funding
The initiative is aimed at supporting the development of community enterprises in the form of individual entrepreneurs, small, micro and medium enterprises, cooperatives, informal traders and formal businesses as prescribed.
Kwatsaduza – Ekurhuleni Council has finally approved the implementation of the Ekurhuleni Community Enterprise Development Fund (ECEDF) Policy in line with the Municipal Finance Management Act (MFMA).
The initiative is aimed at supporting the development of community enterprises in the form of individual entrepreneurs, small, micro and medium enterprises, cooperatives, informal traders and formal businesses as prescribed.
Ekurhuleni metro spokesperson Themba Gadebe says the metro has prioritised the small and medium enterprises (SMEs) sector as another form of job creation.
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“The fund will provide assistance for 2019/20 financial year.
“We are calling for proposals which will focus on providing creative and innovative business concepts, solutions and programmes that will address, amongst others, township economy, industrialisation, business services, environmental services and human development,” he explains.
Radebe explains funds for the Phanda category are aimed at local entrepreneurs, enterprises and cooperatives.
“This is for non-financial support (business plan) and post investment support through mentorship and business support.
“The with the funding threshold is between R50 000 to R1.5-million.
“The second fund is known as Ximilani (meaning germinating seed) which is aimed at business incubators, soft, technical and business skills, development providers and women, youth and PWD development formations with a funding threshold estimated to be between R100 000 and R1.5-m,” Gadebe says.
Under the same category they will focus on agriculture development organisations which will receive funding with a funding threshold estimated to be between R100 000 to R3-m.
“We will focus on entrepreneurship pitching boosters development finance institution will receive funding between R100 000 and R6-m.”
The third category, Fetola, is made up of two categories.
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The ECEDF seeks to partner on a 50:50 cost and risk sharing basis for 2019/20 financial year and the funding threshold to development finance institutions, state-owned enterprises, corporate social investment partners, enterprise and supplier development, and private funds is estimated at R100 000 – R6-m.
The second category is where the ECEDF will partner with NEF’s purpose is black-owned business or industrialists, as defined by the applicable
national policies and legislation.
“It targets black-owned businesses or industrialists and black-owned and managed business with estimated funding of R100 000 – R6-m”.
Application forms are available at all youth offices at customer care centres and the closing date is January 31, 2020.
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