The Craft and Design (CDI) Growth Fund has allocated R12.8 million for South African small-to-medium enterprises (SMEs) in search of a much-needed cash injection.
The company states that it is welcoming applications from SMEs around the country and across different sectors to apply before 12th July at 17:00 for the chance to receive financing for their businesses.
“We made the call for applications on 12th June and received 60 submissions within a fortnight from businesses that are growing, we are delighted by this response and we expert to receive considerably more applications,” said CDI’s executive director, Erica Elk.
Furthermore the CDI states that the funding comes from the National Treasury’s Job Fund, the technology Innovation Agency (TIA) and the Western Cape Department of Economic Development and Tourism (DEDAT).
To qualify for the funding businesses need to have the following:
- Be South African-owned businesses
- Operate within South Africa
- Have been established for at least one-year
- Have a turnover or assets of over R1 million
- Demonstrate their year-on year growth and potential for sufficient growth
- And also match 20 percent of the grant contribution of the grant contribution of the fund through a cash contribution and achieved agreed objectives.
The CDI adds that more than half of the applications received to date are from Gauteng, with the rest being from Limpopo, KZN, Eastern Cape, and the Western Cape. The applications received represent businesses from the craft, design, light manufacturing, tourism, logistics, vehicle security and retail sectors.
“The CDI Growth Fund is very specific in its focus, we are looking for SMEs that are about to employ new staff to meet growing demand and which need the capital to expand their operations,” explained project coordinator for CDI Capital, Ryan Rode.
During their previous round of funding which occurred between 2012 and 2015, CDI states that it helped create 464 jobs in 45 businesses, where the participating SMEs grew their combined annual revenue by 73 percent during those three years.
“Unemployment is a national crisis and this is an opportunity for small businesses to grow in a supportive, mentored environment and create desperately needed jobs,” concluded Rode.
To find out more about and what the requirements are, visit CDI Capital here.
[Image – CC 0 Pixabay]
