BUSINESS NEWS - The CDI Growth Fund has opened applications for small businesses for funding, working capital and business support.
Small businesses experiencing growth or that are poised for expansion that includes creating permanent jobs, and that meet the criteria, can apply to the Growth Fund. The current round of the fund, supported by the National Treasury’s Jobs Fund, aims to support up to 60 businesses to create 600 new jobs by 31 March 2023.
In the first round of this project (2012 -2015), the fund exceeded targets, creating 464 jobs in 45 businesses with participating businesses growing their combined annual revenue by 73%.
How much Grant Funding can I apply for?
* You can apply for R21 000 for every 1 permanent job created.
* You can apply for an amount between R105 000 and R1 050 000, depending on how many jobs you commit to creating before 31 March 2023.
* You are also required to match the grant funding amount with 20% of your own cash.
You will get additional non-financial support including:
* Business development training
* Coaching and mentoring
* Prototyping/sampling facilities and expertise
* Market platforms to test market-ready products.
* What are the Criteria and Requirements for applying?
To be eligible to apply your business must:
* Be a South African-owned business, with the controlling interest of the enterprise (51% of the issued ordinary share capital) being held by South African citizens with a valid South African ID OR a South African Registered legal entity itself controlled by South African citizens with a valid South African ID.
* Operate within South Africa, including but not limited to projects, programmes, or enterprises of the business.
* Be an existing business, at least 1 year old (preference will be given to businesses that have been trading for 2 years or more) with turnover or assets above R600 000.
* 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 5 jobs.
* Be tax compliant and supply a valid Tax Compliance Status (TCS).
Additionally, you must:
* Not be insolvent or currently under debt administration.
* Be willing to provide signed audited or independently reviewed financial statements and all supporting documents required.
* Commit to training new employees.
* Commit to providing reports/information to the CDI Growth Fund for the duration of the project.
* Once your application is successful, you will sign a contract with the CDI and report on progress and impact to the Fund administrators on a quarterly basis during and for a two-year period after the project completion.
For more information, visit the CDI Growth Fund's web site at https://cdicapital.co.za where you can also apply.
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