Finance Minister Tito Mboweni tabling the 2019 budget in Parliament. Picture: GCIS

CAPE TOWN – Finance Minister, Tito Mboweni, in his first Budget Speech announced that the government will be allocating funds to the Small Enterprise Development Agency.

According to Mboweni, R481.6 million will be allocated to the Small Enterprise Development Agency to expand the small business incubation programme. 

This allocation of funds to the agency answers calls by people to allocate more money to the developments of small to medium enterprises (SMEs). 

Retail Capital chief executive Karl Westvig is one of many that called on the government to give more money to SMEs so that they can grow. 

In a media statement, Westvig said that SME funders were calling for the government to drive growth for SMEs if these businesses are to survive a tough, sluggish economy and over-indebted consumers.

In 2018, President Cyril Ramaphosa announced an allocation R1.5 billion into the Small Business Fund for the development of SMEs.