Ndabeni-Abrahams' dept to ramp up support for manufacturing sector
Small Business Development Minister Stella Ndabeni-Abrahams told a mini plenary of the National Assembly last week that there would be better funding opportunities for small and medium businesses.
Author: Tebogo Mokwena
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The Small Business Development Department is making good on its pledge to get its agencies working to support small businesses, with billions to be spent on SMMEs and cooperatives in its 2022/23 budget. Small Business Development Minister Stella Ndabeni-Abrahams told a mini plenary of the National Assembly last week that there would be better funding opportunities for small and medium businesses while presenting her department’s budget.
She said that the department would leverage the R500-million Innovation Fund developed through the ecosystem, which would be supported by the European Union. She also said that R416-million would be allocated over the medium term to sector and market development within the department. “(One of the department’s proposed strategic focuses) is access to business development services and support infrastructure,” the minister said.
“Our approach is to upscale our support to incubation hubs and digital hubs, and roll out business support infrastructure to townships and rural areas,” Ndabeni-Abrahams said that the department would be looking to spend R953-million through the Township and Rural Enterprise Programme for a targeted 24,000 township and rural enterprises.
She also noted that the department would ramp up support for the manufacturing sector through its focused Import Programme to strengthen the country’s industrial base.
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