Financial support for 2 000 SMMEs

ABOUT 2 000 small, medium and micro enterprises (SMMEs) would be provided with financial support to help them become competitive, sustainable, job-creating firms, Finance Minister Pravin Gordhan said yesterday. Tabling the R1.56 trillion 2017 Budget in the National Assembly, Gordhan said R3.9 billion would be allocated for SMMEs and co-operatives over the next three financial years. The Department of Small Business Development’s total budget allocation is expected to increase at an annual rate of 7.1 percent, from R1.2bn in 2016/17 to R1.6bn by 2019/20. “Last year, impetus was given to several initiatives under Mr Jabu Mabuza’s business sector leadership. A fund to support small and medium enterprises has been established,” Gordhan said. “A youth employment service programme has been initiated with the aim of creating a million work opportunities over the next three years,” he said. – ANA