R80 Million Enterprise Fund Targets Northern Cape SMMEs

A significant financial boost has come for Small, Medium and Micro Enterprises (SMMEs) owned by individuals with disabilities, women, and the youth in Northern Cape, South Africa, courtesy of an R80 million worth Enterprise Fund. Unveiled a few days ago, the fund is the brainchild of Northern Cape Premier, Zamani Saul.

The initiative aims to bolster enterprises confronted with financial challenges. The Ministry of Youth, Women and Persons with Disabilities has voiced its support for the scheme, highlighting that applications for the grant are already open.

Saul launched the indispensable Youth, Women, and Persons with Disabilities Enterprise Fund, allocating R9 million to two National First Division soccer teams in the province, namely the Hungry Lions and Upington City FC.

The highly anticipated funding is divided into three categories, and Saul expressed hope that beneficiaries would play a pivotal role in driving the region's economy forward.

"There are three funds, namely the Enterprise Fund, Container Business Solution (Unboxing Basha), and Township and Rural Economy Grant Fund," Saul detailed. He also specified, "the first named receives an allocation of R30 million, while the latter two each get a share of R30 million and R20 million. Our goal with the total funding of R80 million is to create vibrancy and inject dynamism into the Northern Cape economy."

Along with the financial support, selected SMMEs will also take advantage of business incubation and mentorship. Venus Blennies, MEC, underlined the aspiration for the fund to rejuvenate qualifying small businesses.

Applications for the fund will close next month. Interested SMMEs can find the application forms on the provincial website. Attendees of the launch expressed their hope that the funds will be allocated fairly, devoid of nepotism, and reach deserving beneficiaries.