R300-m to fund KZN small businesses
The amount, which is part of Operation Vula Fund District, will target the furniture, detergents, bakery, clothing and textile, and farming sectors, among others.
Small businesses and cooperatives are set to receive a major boost when the KwaZulu-Natal (KZN) government rolls out over R300-million funding to projects run by small, medium and micro enterprises (SMMEs) across the province.
The amount, which is part of Operation Vula Fund District, will target the furniture, detergents, bakery, clothing and textile, and farming sectors, among others.
Operation Vula Fund is part of the provincial government’s radical economic transformation projects, which seeks to increase the number of entrepreneurs from underprivileged communities, so that they can participate in the mainstream economy.
“Operation Vula Fund is a key cog in government’s economic recovery and transformation plan, as stated in the state of the province address in February,” said KZN Premier Sihle Zikalala.
During a provincial executive council meeting chaired by Zikalala, the council heard that the Department of Economic Development, Tourism and Environmental Affairs received a total of 4 229 applications.
“So far, a total of 1 018 applications, with a monetary value of R296 808 786.06, have been approved to date,” said Zikalala.
The Premier is expected to unveil more details on the programme in the coming weeks and handover support to beneficiaries.
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