Applications are open for the new Western Cape Government R6.6m fund to grow small businesses in the agri-processing and oil and gas sectors. Alan Winde, Minister of Economic Opportunities, encouraged local businesses to apply for the Cape Capital Fund which has been devised to support businesses in Project Khulisa’s priority sectors. The fund is managed by the Department of Economic Development and Tourism.
“The Cape Capital Fund will provide businesses with the support they need to buy new equipment and improve their business processes. The businesses will need to prove how the funding will add growth and jobs to our economy, and they will be required to co-fund the intervention. Entrepreneurs are important job creators and they will play a vital role in adding jobs in these key sectors,” Winde said.
Under a high-growth scenario, the agri-processing sector could add up to 100,000 jobs and generate R28bn for the province’s economy. Under the same scenario, the oil and gas sector could grow to employ 94,000 people and generate R3bn for the local economy.
“Through the fund, we will also assist firms with interventions to increase market access, through trade missions, certification, accreditation and participation in exhibitions,” said Minister Winde.
The fund is a cost-sharing grant and beneficiaries will be required to contribute towards the total cost of the selected intervention.
- Applicants must be a for-profit organisation/ entity
- Operational for at least 24 months
- Applicants must have annual financial statements
- Registration with the Companies and Intellectual Property Commission (CIPC)
- Valid BBBEE certificate which clearly indicates the ownership profile of the organisation
- All relevant trading licences The closing date for applications is 22 May 2015.
Applications must be submitted on the prescribed form which can be accessed here.