Western Cape Minister of Economic Opportunities Alan Winde
Photo by: Duane Daws
Small businesses in the agroprocessing and oil and gas sectors have until May 22 to apply for a share of the Western Cape government’s new R6.6-million Cape Capital Fund, which was devised to support businesses in Project Khulisa’s priority sectors.
The fund, managed by the province’s Department of Economic Development and Tourism, would provide businesses with the support they needed to buy new equipment and improve their business processes.
Western Cape Minister of Economic Opportunities Alan Winde noted in a statement on Wednesday that the businesses would be required to prove how the funding would add growth and jobs to the Western Cape economy. The fund was a cost-sharing grant; therefore, beneficiaries would be required to contribute towards the total cost of the selected intervention.
“Entrepreneurs are important job creators and they will play a vital role in adding jobs in these key sectors,” he explained.
Under a high-growth scenario, the agroprocessing sector was expected to add up to 100 000 jobs and generate R28-billion for the Western Cape’s economy, while the oil and gas sector, under the same circumstances, had the potential to grow to employ 94 000 people and generate R3-billion.
“Through the fund, we will also assist firms with interventions to increase market access, through trade missions, certification, accreditation and participation in exhibitions,” Winde highlighted.
To qualify, applicants needed to be a for-profit organisation and/or entity, be operational for at least 24 months, have annual financial statements, be registered with the Companies and Intellectual Property Commission, have a valid broad-based black economic-empowerment certificate that clearly indicated the ownership profile of the organisation and all relevant trading licences.