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CDI’s Growth Fund opens grant applications for growing SMMEs
The pandemic has seen businesses large and small offer free goods and services, grants and other support to small enterprises, reflecting the heart and resilience of SA’s people.
Applications are open for grant funding
CDI Capital has opened another round of applications to the CDI Capital Growth Fund from small businesses.
The announcement was made in a statement on 27 July 2021.
CDI Capital Growth Fund opens applications
The fund aims to support businesses in early growth stages and create employment opportunities.
Erika Elk, Group-CEO of the Craft and Design Institute commented on the project in a statement. “We believe that small businesses are vital to growing our economy and creating jobs – even more so post the pandemic and recent social unrest. With meaningful, socially responsible investment we can maximise the potential of local entrepreneurs, building a generation of South African innovators, and a strong, inclusive economy,” she said.
In the three years from 2012 to 2015, the fund created 464 jobs in 45 businesses, with participants growing the combined annual revenue of their companies by 73%.
The fund’s second round of investments generated 447 new employment opportunities at 20 national businesses and looks to increase this number by identifying 20 new businesses in need of support in the next three months.
Barrydale Hand Weavers Director Arron Bastable explained the impact of the fund on his business.
“This funding has allowed our business to not just survive but grow through the pandemic. Our turnover has increased 35% since 2019, despite the harsh lockdowns. This enabled us to increase wages in October 2020 and create five new jobs in 2020. We anticipate further revenue growth and expect to create three to five additional jobs this year. We cannot thank the CDI and its partners and supporters enough, it has been so positive for our business; thank you!”
To apply for CDI’s Growth Fund, businesses must:
- Be a SA-owned business, with the controlling interest of the enterprise (51% of the issued ordinary share capital) being held by SA citizens with a valid SA ID OR a SA Registered legal entity itself controlled by South African citizens with a valid SA ID.
- Operate within SA, 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 2 years or more) with turnover or assets above R600 000 (if this was pre-Covid-19 a business will still be eligible).
- Match 20% of the contribution of the Fund through a cash contribution.
- Must create one job for every R21 000 grant investment, with a minimum of five jobs.
- Be tax compliant and supply a valid Tax Compliance Status (TCS).
To learn more about the fund and apply for grants, visit the CDI Capital Growth website.
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Featured image: Craft and Design Institute Group-CEO Erica Elk (Supplied)