South Africa needs over 49,000 scalable small and medium enterprises (SMEs), growing at a rate of 20% per annum, to create 11 million jobs by 2030 to meet the National Development Plan (NDP) target. The figures points to the urgent need for interventions that will stimulate job creation and keep the wheels of the South African economy turning.
'Siyasebenza', which means 'we are working' is a business development programme by Ithala aimed to uplift, empower and guide aspiring entrepreneurs throughout KZN in their journey to becoming successful entrepreneurs. The programme offers business support to youth, women and SMEs in townships and rural areas.
In the 2014/15 financial year, Ithala delivered hope by advancing R277m towards the financing of businesses enterprises. This created 886 permanent jobs. The organisation also funded 114 entrepreneurs and provided capital for 25ha of agricultural land.
"The difficulties facing business owners and the uncertainties they experience about the future are challenges they don't have to deal with alone," said Mano Muthusamy, acting business finance executive at Ithala Development Finance Corporation.
"Siyasebenza is a pillar of support for businesses in different life stages and is committed to making a developmental impact where it matters most - in marginalised communities." He said Ithala's catalytic role in nurturing the entrepreneurial spirit of SMME's and cooperatives and promoting enterprise development was well known long before other institutions even coined the phrase.
The first 2016 Siyasebenza entrepreneur development workshop has already been held in Ulundi with further workshops scheduled for KwaDukuza Municipality (6 February), Ugu Municipality (9 and 10 February), and uMlalazi Municipality (3 to 5 March).
