Application dates for the hotly disputed Tourism Equity Fund (TEF), the application criteria for which have been amended from a 51% black ownership requirement to 30%, will be announced by the end of October.
The fund had its amended criteria approved by Cabinet in September. In a press statement, Tourism Minister Patricia de Lille welcomed Cabinet’s agreement on the implementation of the fund.
The R1.2 billion (€58m) fund is managed by the Small Enterprise Finance Agency (Sefa) on behalf of the Department of Tourism and was tailored to provide a combination of debt and grant finance to facilitate equity acquisition and entrepreneurship.
“The Department of Tourism and Sefa are currently finalising the amended TEF. We will announce the call for TEF applications by the end of October 2023 and will also provide clarity on previous applications,” said De Lille.
“The Department remains committed to advancing the transformation agenda through creating equitable opportunities to realise an inclusive and revived tourism economy,” she concluded.
