Department boosts incentives to develop black-owned SMEs
Trade and industry deputy director-general Tumelo Chipfupa. THERE has been a dramatic escalation in the incentives granted by the Department of Trade and Industry to small and medium-sized black businesses, the department’s deputy director-general, Tumelo Chipfupa, told Parliament’s trade and industry portfolio committee on Wednesday. Under the Black Business Supplier Development Programme, 306 businesses received incentives of R96.6m in 2011-12, while in 2012-13 that number rose to R451m.
The benefit is an 80/20 cost-sharing grant for business development services and a 50/50 cost-sharing grant for tools, machinery and equipment. Mr Chipfupa said that since the start of the programme in September 2010, 1,519 applications had been approved to the value of R548m.... Read the full, comprehensive news article and discuss at Business Day