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New Small Business Funding Agency| News by Staff Reporter
The Small Estate Finance Agency will supply loans of up to R3m
Ebrahim Patel, Minister of Economic Development said the Small Estate Finance Agency, formed by a merger between Khulu, SAMAF and the IDC’s small business lending portfolio, would have access to millions of rands of funding.
Patel said the Small Enterprise Finance Agency (Sefa) would have access to millions of rands of funding from the balance sheet of the Industrial Development Corporation (IDC).
It would be a wholly owned agency of the IDC, he said.
Patel said Sefa would be in the business of providing loans of up to R3-million to small businesses in South Africa.
“We want to ensure that the impact is felt in jobs, in sustainable enterprises and in the growth of entrepreneurship in the economy,” he said.
Among the plans for Sefa would be to partner it with Postbank, and also to associate it with commercial banks to ensure the products banks develop compliment its own.
In addition Sefa would also work closely with large companies, encouraging them to mentor smaller companies and include them in their supply chains.