Many young South Africans have the passion to start business but their biggest constraint is business funding. South Africa has a variety of agencies and grants established to provide funding for small growing businesses. Most agencies are run by the government with the aim of facilitating youth participation in the growth of our economy.
Here are 10 institutions that can offer you funding for your business.
Department of Trade and Industry (DTI)
The Department of Trade and Industry (DTI) – The DTI provides funding to qualifying businesses from a range of sectors.
National Empowerment Fund (NEF)
The National Empowerment Fund (NEF) – The aim of this organization is to support B-BEEE and previously disadvantaged individuals and communities. It offers a funding for start ups and expansion as a loan, equity funding.
National Youth Development Agency (NYDA)
The National Youth Development Agency (NYDA) – NYDA provides enterprise funds for young entrepreneurs aged between 18 and 35 years old and aims to assist them in starting a business or growing an existing one.
Industrial Development Corporation (IDC)
The Industrial Development Corporation (IDC) – Under the IDC, there are multiple funds available offering financial support to start-up businesses needing capital for equipment, working capital and buildings. It also funds business expansion.
KZN Growth Fund
The KZN Growth Fund Managers primary mandate is investment in infrastructure to promote economic development with in the Province. The Growth Fund endeavors to ensure an even spatial distribution of investment across the province.
Isivande Women’s Fund
Isivande Women’s Fund is an exclusively women’s fund provided to empower women with existing business. With funding, education and training the Fund aims to accelerate women’s economic empowerment with affordable, usable and reliable finance.
KFW Development Bank
The KFW Development Bank as part of the KFW banking group is responsible for Financial Cooperation with developing countries. In terms of volume, this form of cooperation is the most important instrument in German development cooperation.
The Land Bank offers a wide range of loans for all financial needs like buying land, equipment and working capital for agricultural projects. As part of the application you will need a business plan.
Small Enterprise Finance Agency (SEFA)
Small Enterprise Finance Agency was found in 2012 and has access to R1.4-billion in funding given by IDC and the Government for South African small businesses.
Technology Innovation Agency (TIA)
The Technology Innovation Agency (TIA) was established in 2008.
The objectives are stimulating and intensifying technological innovation in order to improve economic growth. The goal is to increase the quality of life of all South Africans by developing and exploiting technological innovations.