Ithala will be hosting their annual Business Achievers Awards this week. Photo: Facebook
DURBAN - The Ithala Development Finance Corporation Limited will be hosting their annual Business Achievers Awards to celebrate entrepreneurial success on Wednesday, 28 March 2018.

The Ithala Acting Group Chief Executive Mr Themba Mathe said that the awards are a project that has been initiated to recognise and reward existing Ithala clients for their role in developing an entrepreneurial province.

The selected finalists are key clients who embody a spirit of entrepreneurship and have a good track record of financial performance as well as made an impact on their community and have shown innovation and personal integrity.

Ithala is an organisation that is known for helping needy communities and giving funding to entrepreneurs who need it. According to their website, they are of KwaZulu-Natal's main drivers of economic development as well as a strategic facilitator of support, particularly in KZN's historically disadvantaged communities.

According to Mathe, the organisation has dispensed R878 600 000 to close to 700 businesses which have resulted in the creation of over 8000 jobs being created. Of those businesses, 28% of them are owned by women and 40% are on Ithala's loan book.

The Acting Group Chief Executive said that the Ithala entrepreneurial empowerment footprint has covered the whole of KwaZulu-Natal and has therefore economically benefitted not only Durban but other cities too.

The objectives of the organisation have been highlighted in terms of Section 3 of the KwaZulu-Natal Ithala Development Finance Corporation Act No.5 of 2013.

Their objectives are to:

1. To mobilise financial resources and to provide financial supportive services to the people of KZN.
2. To plan, execute, finance and monitor the implementation of development projects and programmes in KZN.
3. To promote, encourage and facilitate private sector investment in the province and the participation of private sector and community organisations in development projects, and in contributing to economic growth and development.
4. To act as the government's agent for performing any development-related tasks and responsibilities that the government considers may be more efficiently performed by a corporate entity.