South Africa more-than quadrupled government support of new, black-owned small businesses in the past year with incentives, according to a report in AllAfrica.
Grant approvals under South Africa’s Department of Trade and Industry Black Business Supplier Development Program increased fourfold from 306 approvals in 2011/12 valued at $9.6 million to 1,213 approvals in 2012/13 valued at $4.5 million, the report said.
In all, 409 of the program’s 1,213 grants in 2012/13 went to women-owned enterprises.
In addition, $16.9 million – half of this provided by the South African government – was committed to support 14 business incubation programs.
Tumelo Chipfupa, deputy director-general of trade and industry, said the department is in the process of rolling out a web-based platform which will make it easier for businesses to apply for grant funding.