The tourism industry is one of the hardest hit industries during the pandemic, with many small businesses having to shut up shop and retrenching workers in the wake of Covid-19.
There is hope that the establishment of the Tourism Equity Fund by the Small Enterprise Finance Agency (Sefa), in partnership with the Department of Tourism, will help to alleviate the financial suffering of businesses in the sector.
President Cyril Ramaphosa will address the virtual launch of the fund on Tuesday, which is aimed at driving transformation in the tourism sector. The launch will be broadcast on major news channels and streamed on a range of government platforms.
The fund is aimed at creating an inclusive and growing tourism sector by supporting entrepreneurship and investment on the supply side of the tourism sector and will offer a combination of debt finance and grant funding for large capital investment projects in the tourism sector.
The South African Economic Reconstruction and Recovery Plan identifies the tourism sector as one of the key priority areas to revive the economy.