Small businesses get R1 billion boost

Government has established a fund to give entrepreneurs the opportunity to become game changers and boost their businesses.

Government has allocated R1 billion to the newly announced fund for Small and Medium Enterprises (SMEs) for the 2018/19 financial  year.

According to Deputy President Cyril Ramaphosa the fund, which was announced in the Medium Term Budget Policy Statement, aims to empower small businesses, especially those in township areas.

 “The National Informal Business Upliftment Strategy is also available to help township enterprises to upgrade their business activities,” he said.

Vuk’uzenzele spoke to young entrepreneurs who are constantly seeking ways to grow their businesses, to hear their views about the fund.

Founder and co-owner of bottled water brand, Vatii, Siyanda Malaza said he will be applying for the fund and is confident that it will advance his business.

“I’m definitely excited about this fund and it goes without saying that I will be applying for it,”

Thabitha Malinga, the founder of Thabi’s Mobile Spa, said she appreciates such efforts by government at
empowering for entrepreneurs.

“Small businesses like mine tend to lack resources and funding as well as the capacity to fully operate.  As a result, we cannot take on big businesses and that’s how most collapse within a short period of time,” she said.

If she were to get more funding Malinga would buy more vehicles for her mobile spa, which would enable her to take on more bookings a day and grow her business.