In a significant boost to the Western Cape’s economy, the Department of Economic Development and Tourism has announced the launch of the 2023 Small, Medium and Micro Enterprise (SMME) Booster Fund. This initiative, which has already proven successful in job creation and economic growth, is set to further bolster the region’s financial landscape.
Mireille Wenger, the Western Cape MEC of Finance and Economic Opportunities, has lauded the SMMEs as the backbone of the region’s economy. Since its inception in 2019, the SMME Booster Fund has supported 860 SMMEs, sustaining nearly 5,000 jobs and creating an additional 651 positions. This year, the fund aims to continue its mission of fostering growth and development among SMMEs.
The SMME Booster Fund is designed to support various interventions, including projects and programmes implemented by organisations and municipalities. These interventions are aimed at bolstering SMMEs based in the Western Cape. The fund will focus on the following categories:
The fund operates on a co-funding implementation model, encouraging collaboration and partnerships. It will primarily focus on the technical support aspect of projects and programmes. Other aspects such as training, mentoring, coaching, and access to market interventions will be funded by the organisation applying for the funding.
MEC Wenger emphasised the Western Cape Government’s commitment to creating an enabling environment for SMMEs to thrive. She acknowledged the current challenges faced by small businesses, particularly due to ongoing loadshedding, which compromises the ability of all businesses to trade.
The SMME Booster Fund is now open for applications until 11 July 2023. All relevant information and application documents can be found on the Western Cape Government’s official website.
MEC Wenger concluded by encouraging qualifying organisations to apply to the SMME Booster Fund. She expressed her belief that the fund will help sustain and grow businesses in the Western Cape, leading to the creation of many more jobs in the region.
This initiative is a testament to the Western Cape Government’s dedication to supporting SMMEs and fostering economic growth. It offers a glimmer of hope for businesses and job seekers alike, promising a brighter future for the Western Cape’s economy.