Over R1bn in small business funding approved


The Minister of Economic Development announced in Pretoria that over R1-billion funding is approved for small business development.

small business funding approved
To ensure that entrepreneurs are given support, more than R1-billion funding will be made available over a two year period by Sefa. (Image: Brand South Africa)

Brand South Africa reporter
The Small Business Finance Agency (Sefa) has approved funding of over R1-billion for small business development in South Africa over the last two years, Economic Development Minister Ebrahim Patel said in Pretoria on Friday.

“Sefa is less than two years old and it has already approved funding in excess of a billion to small business,” Patel said at the launch of the Godisa Fund, a R165-million partnership between Sefa, Transnet and Anglo American which will provide funding to small black-owned businesses that are, or could become, suppliers to Transnet.

The minister said the government was investing roughly R200-billion a year in expanding South Africa’s infrastructure through new capacity in transport, water, energy, ICT and social infrastructure.

“This is the moment to ensure that young entrepreneurs are given support, that we expand the base of enterprises and create new job opportunities. The R165-million Godisa Fund is one element of a number of measures now being implemented across government to expand the economy and small businesses.”

Sefa, a subsidiary of the state-owned Industrial Development Corporation (IDC), was formed from the merger of various small business funding agencies in April 2012.

Source: South African Government News Agency

Would you like to use this article in your publication or on your website? See Using Brand South Africa material.