Small business beneficiation

Small businesses to benefit from budget

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Of the R1.3 billion allocated to the Small Business Development Department for the 2016/17 financial year, 83 percent will go towards strengthening small businesses and cooperatives.
This was announced by Minister Lindiwe Zulu during a Budget Vote presentation in parliament on Tuesday.

“The Black Business Supplier Development is allocated R245 million and for cooperatives incentive scheme we have allocated R75 million. For National Informal Business Upliftment Scheme the allocation is R96 million and the Enterprise Incubation Programme is allocated R46 million. For the Craft sector we have allocated R10 million.”

The Small Enterprise Development Agency will get R634 millions of which R140 million will go to Technology Support Programme, and R13 million to capacity building while Small Enterprise Finance Agency (sefa) gets R213 million.

Minister Zulu said sefa will over the Medium-Term Expenditure Framework approve a further R3.4 billion of loan financing facilities to small businesses and co-operatives. During this period, sefa will fund 157 000 SMMEs and Co-operatives. –SAnews.gov.za

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