After assisting more than 950 small, medium and microenterprises (SMMEs) across the Western Cape, sustaining 4 977 jobs, and contributing R85.5 million (€4.1m) since 2019, the latest window of the SMME Booster Fund is now open for applications.
“SMMEs are the lifeblood of our economy, fuelling up to 70% of jobs in South Africa. Put simply, when SMMEs succeed, we all succeed. That's why the Western Cape Government (WCG) is passionately committed to helping entrepreneurs and small enterprises to establish and grow, by creating a vibrant and inclusive business environment, making it easier than ever to thrive in the Western Cape,” said the Provincial Minister of Finance and Economic Opportunities, Mireille Wenger.
Premier Alan Winde added: “Starting a business can seem overwhelming. But through our SMME Booster Fund, we can guide new business owners on their journey to success. For existing businesses, the fund can help them expand and grow. With every business that accesses this fund, we can all help to create even more jobs and unleash the full potential of the SMME sector and economy.”
Minister Wenger continued: “Our work goes beyond just funding. Through our SMME Booster Fund, we provide specific support that empowers businesses to break down barriers and achieve remarkable growth. We're especially proud that, through our contributions, we can help women, youth and township-owned enterprises.”
The 2024 SMME Booster Fund will dedicate R9 million (€437 905) in funding support to SMME business development through capacity building, coaching, mentorship, and the acquisition of technical support (machinery, equipment, software, digital tools and more) in the following categories:
- Category 1: Developing SMMEs for the export market
- Category 2: Business incubation and acceleration support
- Category 3: Support to township-based businesses
- Category 4: Infrastructure support for entrepreneurial centres
“We have recently celebrated the progress made by the WCG’s economic action plan, Growth For Jobs, over the first year of its implementation. This strategy sets out a clear path to enable the private sector, particularly SMMEs, as the true job creators, to grow and thrive. Our goal is to build on these foundations, driving the Western Cape towards a trillion-rand economy by 2035, with an inclusive, sustainable, diverse, and resilient growth rate of four to six per cent annually,” added Wenger.
“The 2024 window is now open for submissions and will close once all funds have been allocated to eligible applicants, so I urge interested SMMEs to apply for consideration without delay. We are committed to strengthening economic foundations and expanding SMMEs to achieve significant growth and create the jobs needed to lift people out of poverty. Join us in building a thriving economy and a brighter future for all," Wenger concluded.
Interested applicants can click here to apply to the fund.
