THOUSANDS of Small, Medium & Micro Enterprise Businesses (SMMEs) are having to bear the brunt of economic uncertainty.
This following reduced growth in household expenditure, rising unemployment, a decline in fixed investment activities and continued contraction in government consumption.
Ithala Development Finance Corporation is gearing itself towards SMME and co-operative development, including the recapitalisation and growth of its property portfolio.
In response to the urgent need for job creation and to improve the wellbeing of ordinary people, Ithala has commenced a refurbishment programme to revitalise township and rural economies at its retail centres in Nongoma, Ulundi and eShowe.
Due for completion later this year, the refurbishment will collectively afford an estimated 125 local residents a living.
Of these, 52 will be in Nongoma, 31 in Ulundi and 42 in eShowe.
ALSO READ: Falling prices – the good, better and best
Bold target set
A bold target has been set to increase investment in capital infrastructure in KZN from the current 16.5% of GDP to 25% by 2020.
‘We approach property developments and refurbishments in consultation with all relevant stakeholders and with full consideration for the resultant impact our efforts will have on the community at large,’ said
Themba Mathe, Acting Group Chief Executive at Ithala.
For 58 years, Ithala had used its property assets to catalyse development in rural and township environments and many other companies have since followed suit.
‘Small scale businesses are catalysts for job creation. The greater the investment in small business, the greater the multiplier effect in terms of jobs created and impact in the communities in which property developments occur.’
‘So serious are we about stimulating progress that our support extends as far as building shelters for informal traders around the shopping centres being refurbished, thus contributing towards their upliftment,’ said Mathe.
HAVE YOUR SAY
Like our Facebook page and follow us on Twitter.
For news straight to your phone invite us:
WhatsApp – 072 069 4169
Instagram – zululand_observer
