Ithala and Newcastle Municipality- Making it happen together
The relationship is founded on the importance of small, medium and micro enterprises (SMMEs) in combating social challenges such as unemployment and poverty and is a classic example of institutions and government working together to accomplish more
Newcastle Municipality signed a Memorandum of Understanding (MoU) with Ithala Development and Finance Corporation on October 31.
The relationship is founded on the importance of small, medium and micro enterprises (SMMEs) in combating social challenges such as unemployment and poverty and is a classic example of institutions and government working together to accomplish more. Partnerships like this will stimulate growth in Newcastle.
Recognising the role the municipality plays in the district and opportunities that arise as result, Ithala hopes to gather a wider understanding of the economy by working closely with the Department of Local Economic Development (LED) to strategise and develop plans to bring the two entities’ mutual objectives into fruition.
“The two entities share a similar development mandate and the collaboration between the two should be encouraged to share information and work together in empowering the Newcastle community,” said Ithala representative, Jessie Ndlela.
The municipality is constantly inundated with requests for funding by aspiring businesses. The signing of the MoU will assist emerging businesses, particularly SMMEs, in acquiring funding the municipality cannot provide due to a limited budget by being directed to Ithala.
Ithala and Newcastle Municipality have previously enjoyed an excellent relationship and the Newcastle Municipality is eager to continue on this path.
“We are very happy to be signing this MoU which will now formalise the relationship and make our work easier in future,” said Portfolio Councillor for Development and Planning, Matthew Shunmugam.
The signing of this MoU will improve the turnaround time for investors looking to take advantage of available opportunities, establish businesses or acquire land.
“Through the progressive policies of current government, the market, both private and public, has opened up for our people. We, therefore, wish to stand ready to lend our hand to people in procuring the opportunities particularly available in this municipality,” said Ithala Business Finance Executive, Nkosinathi Nhlangulela.
