Small Business

Incubator support for SMME

Small Business Growth
The Incubation Support Programme, which was launched by Trade and Industry Minister Rob Davies in Johannesburg on Sunday, will encourage private sector partnerships with the government to support small businesses development incubators in South Africa.

The programme is aimed at nurturing small, micro and medium enterprises (SMMEs) into sustainable enterprises that can provide employment and contribute to economic development.

The incentive works towards ensuring that SMMEs are eventually graduated into the mainstream economy, creating successful enterprises with a potential to revitalise communities and strengthen local and national economies.

"This is one of the best platforms that a country can use to promote broader economic participation, uplift the country's entrepreneurial base and encourage start-up activities," Davies said in a statement.

The ISP will be effective from 16 September and will be administered for a period of 10 years up to March 2022.

Davies said the programme is envisaged to bring enterprises from a survivalist stage and informal economy into being the main players in the mainstream economy.

"It is without a doubt that the incubation programme cannot be successfully undertaken by a single player in the economy," he said.

"It is for this reason that government is forging as well as calling for partnership with business, in meeting the target of establishing of 250 new incubators by 2015."

Davies added that the support the incubators will receive can be used for infrastructure and business development services necessary to mentor and grow enterprises.
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