The Craft and Design Institute (CDI) has today opened a new application round for its R12.8million Growth Fund to boost SME growth and job creation. The Growth Fund is a grant fund specifically for growing South African small businesses who need a cash injection to scale up further and create jobs.
The Growth Fund is managed by CDI Capital, which was incorporated as a CDI subsidiary in 2016 to catalyse funding for SMEs. The funding has been enabled through contributions by the National Treasury’s Jobs Fund, the Technology Innovation Agency (TIA), and the Western Cape Department of Economic Development and Tourism (DEDAT).
The Growth Fund is open to South African-owned businesses who operate within South Africa, who are at least one year old with turnover or assets above R1m.
Each applicant must demonstrate their year on year growth and/or the potential for sufficient growth and must be tax compliant. Applicants also need to match 20% of the contribution of the Fund through a cash contribution to achieve agreed objectives. Importantly, the business must be able to create new jobs.
SMEs that meet the criteria for funding, can apply online, and are taken through a diligent process of selection and support, whereby successful applicants contract for a three-year intervention and disbursement plan, performance managed by quarterly reporting, oversight and inspection, bespoke mentorship, and business development support.
Funding is limited to the first 60 approved applicants.