- The Western Cape provincial government has announced that applications are now open for the SMME Booster Fund 2024.
- R9 million in funding support will be made to SMMEs in the region that are successful with their applications.
- Capacity building, coaching, mentorship, and the acquisition of technical support, will also be made available.
With the national elections now done and dusted, it is time for South Africans to turn their attentions to other important issues. In the case of small, medium, and micro-enterprises (SMMEs), having access to enough funding is a critical concern.
It is with this in mind that the Western Cape provincial government have confirmed that applications are now open for the SMME Booster Fund for 2024.
The 2019 iteration of the SMME Booster Fund saw some 950 business receive assistance in the form of funding, resulting in 4 977 jobs being created and R85.5 million being shared since then.
For the 2024 iteration of the Fund, R9 million has been allocated, with business development through capacity building, coaching, mentorship, the acquisition of technical support, machinery, equipment, software, digital tools, and more being made available too.
“SMMEs are the lifeblood of our economy, fuelling up to 70% of jobs in South Africa. Put simply – we know that when SMMEs succeed, we all succeed. That’s why the Western Cape Government (WCG) is passionately committed to supporting entrepreneurs and small enterprises to establish and grow, by creating a vibrant and inclusive business environment, making it easier than ever to thrive in the Western Cape,” noted Provincial Minister of Finance and Economic Opportunities, Mireille Wenger.
“Starting a business can seem overwhelming. But through our SMME Booster Fund we can guide new businessowners on their journey to success. For existing businesses, the fund can help them expand and grow. With every business that accesses this fund, we can all help to enable even more jobs and unleash the full potential of the SMME sector and economy,” added Premier Alan Winde, in a statement.
The 2024 iteration has outlined four categories through which funding and support will be shared. Namely:
- “Category 1: Developing SMMEs for the export market
- Category 2: Business incubation and acceleration support
- Category 3: Support to township-based businesses
- Category 4: Infrastructure support for entrepreneurial centres.”
“The 2024 window is now open for submissions and will close once all funds have been allocated to eligible applicants, so I urge interested SMMEs to apply for consideration without delay. We are committed to strengthening economic foundations and expanding SMMEs to achieve significant growth and create the jobs needed to lift people out of poverty. Join us in building a thriving economy and a brighter future for all,” concluded Wenger.
To find out more about the SMME Booster Fund 2024, as well as apply, head here.
[Image – Photo by Tom Podmore on Unsplash]
