TO create business opportunities in the uThungulu Region, the Motsepe Foundation will invest R10-million to boost development in the region.
This was revealed by businessman and foundation Chairperson Patrice Motsepe at the uMfolozi FET College in eSikhaleni on Wednesday.
A development forum and funding committee were elected by stakeholders from eNkandla, uMlalazi, uMhlathuze, uMfolozi, Mthonjaneni and Ntambanana municipalities.
These forums will identify projects that need funding.
The aim of the development project is to assist various sectors – education, women-owned co-operatives and small businesses, youth-owned co-operatives, co-operation with religious groups and traditional leadership structures, sport, arts, music and other charitable organizations.
According to Motsepe funds will be made available to businesses as interest free loans.
‘It is the intention of the foundation that where a development forum decides to fund a business, the foundation will take a 50% interest in that business. Money will be provided to the business by way of an interest free loan.
‘When profits are declared, the foundation’s 50% share thereof will not come back to the foundation, but will either be ploughed back into the business, or will be used as start-up capital to initiate other new businesses,’ said Motsepe.
‘All funding requests received by the foundation will therefore ultimately be adjudicated by the development forum in the area from which the proposal originated.
‘Our intention it to establish a long-term, sustainable developmental and upliftment project in the area, and by working in partnership with the uThungulu District Municipality, we aim to empower people and give them opportunities to develop themselves,’
