Ithala Business Support Programme

In line with the Government’s plans to accelerate social and economic transformation, Ithala Development Finance Corporation has identified a series of developmental outreach programmes aimed at uplifting youth, women and SMMEs in townships and rural areas.

In her Small Business Development Department Budget Vote 2015/16, Minister Lindiwe Zulu, said: “As government, private sector and other relevant stakeholders we carry a responsibility to stimulate and support the growth and sustainability of the co-operative and small business sector. Together, we must address lack of business opportunities in both the public and private sectors.”

Ithala is KwaZulu-Natal’s provincial development agency and a strategic enabler of support to people from all walks of life. The organisation’s mandate is to deliver hope and enable people’s dreams.

“Siyasebenza” meaning “We are working” is a business development programme by Ithala which consists of a series of development-based sub-programmes to uplift, empower and guide aspiring entrepreneurs throughout KZN in their journey to becoming successful entrepreneurs.

“Skills development, coupled with access to finance can effectively unleash the entrepreneurial capacity of previously disadvantaged communities that have lacked access to mainstream business capital and services.

“Siyasebenza aims to facilitate business start-ups that will grow, be sustainable in the long-term and transform communities through job creation.

“These vital support services will enable businesses to grow and, in turn, sustain the households of disadvantaged owners and workers.

“Increased collaboration between local government and entity role players on projects such as Siyasebenza will play a key role in supporting job creation,” said Themba Mathe, Acting Group Chief Executive at Ithala Development Finance Corporation.

He said building the capacity of enterprise development will help previously disadvantaged communities take greater control of their economic lives, move out of poverty, and contribute to local community development through the multiplier effect that local businesses engender.

The sub-programmes of the “Siyasebenza” initiative include a school nutrition feeding programme and a micro-finance programme of which the entrepreneur development workshops are key.

Ithala is funding SMMEs and co-operatives that have been awarded contracts by the Department of Education to become suppliers of food to schools within KZN as part of the department’s school nutrition feeding programme.

The qualifying recipient will need to have a valid award letter from the Department of Education; an approval letter per school detailing the allocation of funds; business registration documents and an original, valid tax clearance certificate.

The micro-finance programme is designed to enable the financial inclusion of informal and micro-businesses in the formalised sector of the economy. It is targeted at small and micro businesses that require short-term liquidity funding of up to R500 000 and who operate their activities on an economical and sustainable scale.

Qualifying recipients must produce business registration documents; original tax clearance certificates; key agreements such as contract/award letter/off-take agreements; six months bank statement if it is an existing business; profile or CV of the project promoter/key personnel; FICA documents; viable financial projections of the project, compliance documentation and open an Ithala business account.

A core part of the micro-finance offering are the Siyasebenza Entrepreneur Development Workshops. In the coming weeks, Ithala will embark on a series of informational workshops spread over 11 district municipalities throughout KZN that will take place over three days.

Day one consists of a business concept evaluation of shortlisted SMMEs as identified by the various municipalities in which the workshops will be held. The concepts will be evaluated by Ithala’s Business Finance unit team.

Day two will include full-day training for SMME’s and co-operatives on key topics such as:

• Starting a business
• Planning a business
• Market research
• Funding your business
• Financial record keeping

On day three, the “Seek, See, Seize” workshops will deliver practical business insights, skills and tools that will enable entrepreneurs to start, build and grow sustainable businesses in order to become active participants in the economic development of the KZN province.

For further information about the Siyasebenza programme and its offerings, visit www.ithala.co.za; email siyasebenza@ithala.co.za or call 031 907 8968 to gain valuable information that will help you to take your small business to the next level.