Published On: Wed, May 11th, 2016

Township economy growth gets Standard boost

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township economyJOHANNESBURG, (CAJ News) – ENTREPRENEURS have received a timely boost following an R250 million partnership between the City of Johannesburg and its banker, Standard Bank of South Africa, which has approved the multi-million Working Capital Fund (WCF) to bolster businesses.

This is in line with theme of “growing township economies.”

The ambitious move will support the city’s economic transformation initiatives such as the Small and medium-sized enterprises (SMME) Economic Transformation Programmes.

This follows the realization of the key role such businesses and entrepreneurs play contributing to the creation of jobs mostly in townships.

Kgamanyane Maphologela, Group Finance Director of Customer Communications says the strategic objective of the WCF is to contribute to socio-economic development within the city.

“This initiative will among others, promote entrepreneurship and develop enterprises to ultimately become mature businesses that can sustain themselves in the long term,” says Maphologela.

“A central principle of the WCF’s funding philosophy is the collaboration between Standard Bank and the City of Johannesburg to find innovative equity funding solutions to meet the unique requirements of the City’s SMMEs and cooperatives.”

WCF will focus mainly in the information communication and technology (ICT), manufacturing, retail, health, transport, property, construction and green infrastructure and sustainable projects.
To qualify for funding, entrepreneurs must be based in Johannesburg and must be legally registered.

Business development suppliers have been appointed and will assist the potential beneficiaries with technical, financial and business development support.

The boost for small businesses in Johannesburg comes ahead of the city hosting the Global Entrepreneurship Congress in 2017.

CAJ News

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