Thu, 18 Aug 2022
22.7 C
Durban

Up to R1m relief for riot hit KZN SMEs

Home Business Management Disaster Management Up to R1m relief for riot hit KZN SMEs

RELIEF is on the way for Small, Medium and Micro Enterprises (SMMEs) in KwaZulu-Natal still struggling to recover from the civil unrest and looting in July.

This follows the establishment of Trade & Investment KwaZulu-Natal’s (TIKZN) Business Support Fund between the Provincial government’s Department of Economic Development, Tourism and Environmental Affairs (EDTEA) and the Industrial Development Corporation (IDC), valued at R30 million.

TIKZN ’s response has been premised on collaboration across government. The unrest in July 2021 damaged growth, jobs and transformation and affected investor confidence in the domestic economy.

To mitigate the damage caused, TIKZN in collaboration with its strategic partners launched a special fund to support the affected SMMEs in urban, rural and in the township areas, to restore what has been lost, preserve jobs and continue with efforts to re-industrialise the economy.

This grant ranges from R50,000 to R1 million per business subject to an approval process. This support is intended to accelerate social, economic, and spatial transformation in KwaZulu-Natal.

Applications opened on 6 October 2021 and the closing date is 25 October 2021.

“We continue to work with all South Africans to rebuild an economy that is more resilient and sustainable,” said TIKZN CEO Neville Matjie. “We call on the private sector and other stakeholders to partner with us in forging expeditious solutions to save our all-important SMMEs in affected areas.

“We urge the affected and qualifying businesses to take this opportunity and apply for the business recovery support programmes offered to ease the pressure and risk to closing their businesses while progressively elevating the economy during this difficult period.”

Information on the fund and guidelines can be found on the TIKZN website or by emailing business.support@tikzn.co.za.

Most Popular

Bringing a female touch to the technology-obsessed world of cybersecurity

The online world is embroiled in a war. Such a statement may seem exaggerated and dramatic, but the figures paint a different picture. In 2021,...

Transnet security officers granted peace officer status

TRANSNET says the granting of peace officer status to its security officers is an important step in ramping up the fight against cable and...

Auto giant officially reopens Prospecton plant

TOYOTA South Africa Motors (TSAM) has announced that its Prospecton Plant in Durban has resumed operations after production was halted due to damages caused...

Deal sealed on Clairwood logistics park lease

ZacPak has signed a 15-year lease with Fortress Logistics for 15,664m² warehousing space at the Clairwood Logistics Park in KwaZulu-Natal. The facility is expected...