Small businesses in townships in South Africa’s Gauteng province now have access to ZAR300 million through a special SME funding scheme.

Engineering News reports that the SMME Crisis Partnership Fund, set up with equal contributions from the provincial government, the South African (SA) SME Fund and the Industrial Development Corporation, aims to improve township businesses’ access to capital, thus stimulating the township economy.

The partners intend for the scheme to be replicated in other provinces in the country.

At least six intermediary lenders, three of which have signed a deal with the fund, will channel working capital and asset finance to hundreds of small businesses and entrepreneurs. 

The SA SME Fund – a corporate CEO and government initiative – will manage the new fund for free.

11 October 2022
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