S.Africa: Black Government HUGE FUND FOR BLACK ENTREPRENEURS – FUNDING MORE BLACK FAILURE – New R100bn BEE fund risks being another big slush fund – Toby Chance
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[BEE is basically for Black Business and it's basically for Blacks who are connected to politicians. It's just a big waste and it's racist. Jan]
New R100 billion BEE fund risks being another big slush fund
28 November 2024
Minister of Trade, Industry and Competition, Parks Tau, recently unveiled a proposed R100 billion Transformation Fund during his Department’s revised Annual Performance Plan presentation to the Portfolio Committee, which risks being a slush fund.
The fund, to be administered by the National Empowerment Fund (NEF), will issue funding only in line with BBBEE regulations.
Not only does the DA reject race-based legislation, but BBBEE has proven counterproductive in closing our inequality gap with the majority of funding missing the mark in terms of stimulating high-growth enterprises.
We instead believe in providing resources based on merit and the business’s viability and growth potential. Our country has an abundance of entrepreneurs drawn from diverse communities that just need the opportunity to succeed.
The Department aims to advance the R100 billion through a combination of grants, equity and loans – with a significant proportion of total funds from enterprise and supplier development (ESD) spending by companies, in compliance with the BBBEE code of good practice.
It remains to be seen how it will accomplish this, in view of the fact that companies make their own decisions on how ESD spending is channelled.
The R25 billion companies spend annually on ESD dwarfs funding on SMMEs by Development Finance Institutions. Not only must funds be channelled directly to start ups, beneficiaries also need training and mentorship.
The DA will closely monitor the rollout of these funds in this Parliament and ensure that they deliver sustainable economic growth and job creation for all.
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