A new application round has opened for the R12.8-million Growth Fund to boost small and medium-sized enterprise (SME) growth and job creation. The Growth Fund is a grant fund specifically aimed at growing South African SMEs that need a cash injection to scale up their businesses and create jobs.
It is managed by CDI Capital, which was incorporated as a Craft and Design Institute subsidiary in 2016 to catalyse funding for SMEs. The funding has been enabled through contributions by the National Treasury’s Jobs Fund, the Technology Innovation Agency and the Western Cape Department of Economic Development and Tourism. The Growth Fund is open to South African-owned businesses that operated locally, are at least one-year-old, and that have a turnover or assets above R1-million.
Each applicant must demonstrate their year-on-year growth and/or the potential for sufficient growth and must be tax compliant. Applicants also need to match 20% of the contribution of the fund through a cash contribution to achieve agreed objectives. Importantly, the business must be able to create new jobs.
SMEs that meet the criteria for funding, can apply online, and are taken through a diligent process of selection and support, whereby successful applicants contract for a three-year intervention and disbursement plan, performance managed by quarterly reporting, oversight and inspection, bespoke mentorship and business development support.
Funding is limited to the first 60 approved applicants. The application deadline is June 29.
Online applications can be submitted at: www.cdicapital.co.za/GrowthFund.