https://www.polity.org.za
Deepening Democracy through Access to Information
Home / Covid-19 News RSS ← Back
Close

Email this article

separate emails by commas, maximum limit of 4 addresses

Verification Image. Please refresh the page if you cannot see this image.

Sponsored by

Close

Article Enquiry

R19m in funding approved through Operation Vula for small businesses

Verification Image. Please refresh the page if you cannot see this image.
Close

Embed Video

2

R19m in funding approved through Operation Vula for small businesses

KwaZulu-Natal MEC for Economic Development, Tourism and Environmental Affairs Nomusa Dube-Ncube

19th June 2020

By: African News Agency

SAVE THIS ARTICLE      EMAIL THIS ARTICLE

Font size: -+

The KwaZulu-Natal MEC for Economic Development, Tourism and Environmental Affairs (EDTEA), Nomusa Dube-Ncube, said in a statement on Friday that she will be presenting a report to the Parliament portfolio committee on her department's progress. 

According to Ncube, the report confirms that more than R19-million in funding has been approved through Operation Vula, a project focused on strengthening local economies that aims to prolong money circulation in townships and rural areas.

Advertisement

Ncube said: "We reiterate our focus on deepening the support needed by emerging entrepreneurs throughout the corners of the province. 

"We have created instruments for microfinance in every district for small players in order to achieve true economic empowerment. Over the past week, a team of officials has been conducting the due diligence assessment of applications that are recommended for funding through Operation Vula.

Advertisement

"We can confirm that we received more than 3 582 applications for funding. Out of these, more than 137 applications have been approved for funding to the value of more than R19-million," she said. 

The MEC explained how a lack of relevant documentation provided by the applicants has been problematic for her department. 

"The common challenge that has been raised by the team conducting due diligence is that there are missing supporting documents on the applications. We are therefore requesting those who applied for Operation Vula funding to ensure that all the relevant documents are supplied to the officials who are currently conducting due diligence," said Ncube. 

Ncube added that the EDTEA department has plans to empower small players in manufacturing through Operation Vula.

"Our focus is also on assisting small players in the Operation Vula commodities, such as paper and pulp, bakery, furniture, and clothing and textile. The support is also being extended to the small manufacturers of detergents and household chemical products. The total amount to be allocated to these small players is more than R5.4-million," she said. 

Ncube added: "We wish to report that through the Enterprise Development Fund, we have spent R226-million in support of SMMEs with 3 284 jobs created. We spent R63.4-million supporting women-owned business and 1 382 jobs." 

According to the MEC, 996 small, medium and micro enterprises (SMMEs) have been assisted in registering their business with the Companies and Intellectual Property Commission (CIPC). 

"We are stepping up efforts aimed at ensuring that even informal traders, hawkers and many of those involved in the informal economy have their business properly registered," said. 

EMAIL THIS ARTICLE      SAVE THIS ARTICLE

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here

Comment Guidelines

About

Polity.org.za is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Polity.org.za is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Free daily email newsletter Register Now