Tourism fund aims to lighten the load

The fund, which was launched on 26 January, is a collaborative initiative between the department and the Small Enterprise Finance Agency (Sefa).

It aims to provide access to finance for black-owned commercially viable tourism projects and thereby promote the participation of black enterprises within the tourism industry.

According to a statement from the department the fund is supposed to speed up transformation in one of the most crucial sectors of our economy. “The tourism sector is a labor-intensive and therefore has immense job creation potential. It generates foreign direct investment and significant export earnings. The purpose of the fund is to provide access to finance for black-owned commercially viable tourism projects and thereby promote the participation of black enterprises within the tourism industry. We are therefore making a call on all qualifying enterprises who want to be part of the recovery and transformation of this vital industry to apply to the fund at tourismequityfund@sefa.org.za.”

The fund will focus on tourism enterprises in the following sub-sectors: Accommodation such as hotels, lodges, resorts and self-catering units and backpacker facilities. Hospitality and related services such as conference and convention venues attached to a substantial accommodation element, privately owned attractions in already developed tourism nodes and travel and related services such as tour operators.

Any other tourism related products and initiatives not referred to above which supports tourism development imperatives and economic impact in terms of job creation, geographic spread and strengthening the tourism offering of South Africa.