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Grant funding available for growing South African SMEs

Friday, 08 June 2018  
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The Craft and Design Institute (CDI) has today opened a new application round for its R12.8million Growth Fund to boost SME growth and job creation.

The Growth Fund is a grant fund specifically for growing South African small businesses who need a cash injection to scale up further and create jobs.

The Growth Fund is managed by CDI Capital, which was incorporated as a CDI subsidiary in 2016 to catalyse funding for SMEs. The funding has been enabled through contributions by the National Treasury’s Jobs Fund, the Technology Innovation Agency (TIA), and the Western Cape Department of Economic Development and Tourism (DEDAT).

The Growth Fund is open to South African-owned businesses who operate within South Africa, who are at least one year old with turnover or assets above R1m.

Each applicant must demonstrate their year on year growth and/or the potential for sufficient growth and must be tax compliant. Applicants also need to match 20% of the contribution of the Fund through a cash contribution to achieve agreed objectives. Importantly, the business must be able to create new jobs.

SMEs that meet the criteria for funding, can apply online, and are taken through a diligent process of selection and support, whereby successful applicants contract for a three-year intervention and disbursement plan, performance managed by quarterly reporting, oversight and inspection, bespoke mentorship, and business development support.

Funding is limited to the first 60 approved applicants. The application deadline is 29 June 2018.

For more information and to apply, visit
www.cdicapital.co.za/GrowthFund


MORE ABOUT THE GROWTH FUND

To be eligible to apply, a business must:

  • Be a South African-owned business, with the controlling interest of the enterprise (51% of the issued ordinary share capital) must be held by South African citizens with valid a South African ID or a South African Registered legal entity itself controlled by South African citizens with valid South African ID.

  • Operate within South Africa, including but not limited to projects, programmes or enterprises of the business.

  • Be an existing business, at least one year old (preference will be given to businesses that have been trading for two years or more) with turnover or assets above R1m.

  • Match 20% of the contribution of the Fund through a cash contribution to achieve growth objectives

  • Must create one job for every R21 000 grant investment

  • Be tax compliant

What can the grant funding be used for?

  • Advertising, Marketing & Communication
  • Building & other Fixed Structures
  • Equipment & Machinery
  • Materials
  • Market Research & Testing
  • Professional Services
  • Software & other Intangible Assets
  • Samples
  • Training
  • Transport
  • Salaries for Key Personnel, for a specific period, to leverage growth opportunities
  • Production Process Efficiency
 Visit www.cdicapital.co.za/GrowthFund



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