Joint Media Statement: R75m Set Aside For Black SMMEs In The Northern Cape
As businesses across the world continue to do battle against the constraints imposed by the COVID-19 pandemic, relief is on the way for black-owned and managed SMMEs in the Northern Cape following the establishment of the Northern Cape Blended SMME Fund between the Provincial Government’s Department of Economic Development & Tourism (DEDAT) and the National Empowerment Fund (NEF), valued at R75 million. The initiative which will focus on enterprise and supplier development support to local SMMEs and provide concessionary funding across all sectors of the provincial economy.
DEDAT’s R30 million contribution will be utilized for non-refundable grants of up to R4 million per transaction, with 60% comprising a refundable loan portion from the NEF’s R45 million allocation.
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