The SMME Booster Fund has helped 950 SMMEs, sustained 4 977 jobs and dedicated R85.5 million to these ‘essential engines of economic growth and job creation.’
Cape Town - Small, medium and micro-enterprises (SMMEs) who face several start-up challenges say the provincial SMME Booster Fund and assistance from the Silulo Foundation has helped them greatly in their entrepreneurship journeys.
Since its inception in 2019, the Western Cape Government has supported over 950 businesses and helped sustain thousands of jobs through the fund. The Silulo Foundation is an extension of Ulutho Technologies committed to empowering entrepreneurs, skills development and giving back to the community
Premier Alan Winde engaged with business owners who have benefited from the initiative, at the RLabs in Mitchells Plain on Monday.
He said there are multiple areas in which the fund assists entrepreneurs.
“It’s driven by real entrepreneurs like Marlon Parker from RLabs or Luvuyo Rani from Silulo Foundation in Khayelitsha. It’s just amazing to have that kind of support in the ecosystem of how entrepreneurs grow their business.”
The entrepreneurs receive business development support, mentoring, coaching, financial planning, assistance with compliance, financial assistance, facilitating access to finance and technical support.
The fund has so far supported projects and programmes that focus on export development, women-owned business, youth-owned and township-based businesses.
Simon Moeketsi Kachuma, who runs Katlego LandScaping Masters, said he faced several challenges before the much-needed boost with funding and assistance from the Silulo Foundation.
“Challenges included minimal equipment as well as load shedding.”
Katlego LandScaping Masters, through the fund, has received a laptop and a customer relations management system, including an inverter.
Since participation in the support programmes, the company has increased employment by 15% and grown its revenue by 150%.
Dr Chanell Marthinussen, whose business is MyPocketHealth, a virtual care platform that connects patients to healthcare providers, has increased employment by six staff, and has grown its revenue by more than 150%.
The fund helped MyPocketHealth access about 30 other businesses.
Marthinussesn said: “Entrepreneurship is very hard, I think if you have wise people supporting you and backing you it makes it easier.”
Other businesses, such as Kuhle Nails and Beauty, B Boxing Fitness Studios and Third Element Holdings, have seen their business and entrepreneurship skills improve.
Finance and Economic Opportunities MEC, Mireille Wenger, said much work has been done through the SMME Booster Fund.
“Over the last five years since 2019, we have helped over 950 SMMEs, sustaining 4 977 jobs, dedicating R85.5 million to these essential engines of economic growth and job creation.”
Faiez Jacobs, ANC chairperson of the portfolio committee on Small Business Development, said the national government has allocated R2.2 billion for small business development.
New applicants to the SMME Booster Fund can find information by emailing [email protected] or calling 021 483 9112.
Cape Argus