Small businesses are struggling to survive, but the Western Cape’s Department of Economic Development and Tourism provides vital assistance to Small, Medium, and Micro Enterprises (SMMEs). The latest iteration of the department’s SMME Booster Fund demonstrates the commitment of the Western Cape government to support the growth and development of SMMEs.
The Launch and Success of the 2023 SMME Booster Fund
Mireille Wenger, the Western Cape’s MEC of Finance and Economic Opportunities, recently announced the launch of the 2023 SMME Booster Fund, which has already shown great success since its inception in 2019. The fund has supported 860 SMMEs to date, sustaining 4,977 jobs and creating an additional 651 employment opportunities.
Primary Objective and Targeted Categories
The Booster Fund provides support to interventions, including projects and programs, that are implemented by organizations and municipalities to bolster SMMEs based in the Western Cape. The fund specifically targets the growth and development of SMMEs in the following categories:
- Exporter development
- Women-owned businesses
- Youth-owned businesses
- Township-based businesses
Co-funding Implementation Model
The fund operates on a co-funding implementation model. While the fund focuses on the technical support aspect of a project or program, organizations applying for funding are responsible for financing other aspects such as training, mentoring, coaching, and access to market interventions.
Challenges Faced by SMMEs
MEC Wenger believes that the Western Cape government plays a crucial role in creating an enabling environment for SMMEs to flourish despite the ongoing challenges they face. One of the most pressing issues is load shedding, which hampers the ability of all businesses, irrespective of size, to trade effectively.
Apply Now
Applications for the 2023 SMME Booster Fund close on 11 July 2023. Interested organizations can find all relevant information and documents on the Western Cape government’s website.
MEC Wenger strongly encourages qualifying organizations to apply for the SMME Booster Fund, to help sustain and grow businesses in the Western Cape, and consequently create more job opportunities in the region.
In conclusion, the 2023 iteration of the SMME Booster Fund is a significant milestone for the Western Cape’s Department of Economic Development and Tourism, as well as for the region’s small businesses. Through the fund’s efforts, SMMEs in the Western Cape can overcome the challenges they face and continue to form the backbone of the region’s economy.
