Many new small businesses go through the struggle of finding capital to start-up of expand their businesses. Government funding and grants can be a worthwhile way to get the funds that you need.
There are a lot of important things you need to be aware of such as: Strict criteria, a lot of paperwork and maybe even a very long wait. It is worth it in the end so have a look and see which government funding and grants you qualify for.
What are government grants?
This is when a project or initiative is awarded government funding for some or all of its financial support. The business grants do not need to be repaid or accrue interest and have strict guidelines for application. Government funding is linked with efforts such as black economic empowerment, job creation and developing the economy.
Here is a list of some of the government grants available for business funding in South Africa:
- Automotive Investment Scheme (AIS)
- Black Business Supplier Development Programme (BBSDP)
- Clothing and Textile Competitiveness Improvement Programme (CTCIP)
- Critical Infrastructure Programme (CIP)
- Film Incentive Programme
- Business Process Services (BPS)
- Capital Projects Feasibility Programme (CPFP)
- Support Programme for Industrial Innovation (SPII)
- National Youth Development Agency (NYDA)
- National Empowerment Fund (NEF)