JOHANNESBURG - Ekurhuleni has launched a R300 million development fund to provide financial support to black entrepreneurs conducting business within the municipality.
In a statement, it said the Fetola fund was launched on Friday at the Kwa-Thema business hub in partnership with the National Empowerment Fund (NEF) and would benefit at least 500 local entrepreneurs over the next years.
“Economic transformation is an imperative and SMMEs (small, medium, and micro enterprises) are key drivers and contributors to job creation and economic progression," small business development minister Khumbudzo Ntshavheni said at the launch.
"We need to create an enabling environment for their growth and sustainability, through the right policies and targeted support mechanisms to ensure their participation. Availing information on funding, reducing the cost of funding and bringing business support services closer to communities are some of the measures to unlock funding bottlenecks."
Ekurhuleni mayor Mzwandile Masina said the municipality had prioritised the small medium enterprises sector as a job creation catalyst that must be fully supported.