The Gauteng Government has announced that on the 1st November 2023, local businesses will have an opportunity to apply for loans to boost their businesses.
These loans are offered under a fund called Kasi Mnotho Fund, which is aimed at empowering township-based businesses. This initiative is dedicated to empowering township-based enterprises in the Fast-Moving Consumer Goods (FMCG) sector. This is an R100 million loan to Family Tree Holdings made up of contributions from the Township Economy Partnership Fund TEPF (with GPG and IDC) and Absa Bank contributing equally (TEPF and ABSA each contributing R 50 million).
The fund seeks to include manufacturers, retailers, and distributors. It is a response to a need to support and grow kasi enterprises as well as enable them to become major players in the economic sector.
If you have a business that is based ekasi, you can apply for this loan. Only candidates who meet the requirements will be considered. The forms can be downloaded from their website here. The statement from the Gauteng Economic Development Department said there will be designated offices across Gauteng where businesses can go and register.
To qualify for the Gauteng Mnotho Fund loan, applicants must meet the following criteria:
• Be a South African citizen.
• Be 18 years old or older.
• Reside and operate a business within Gauteng.
• The enterprise must operate for at least six months.
• The business must be located and operate in a township as defined in the Gauteng Township Economy Development Act.
• The business must be registered and incorporated in and has operations in SA.
• Is limited to and has a turnover below R50m.
• Be willing to be enrolled in the Kasi Mnotho Enterprise Development programme.
Gauteng Economic Development MEC Tasneem Motara has hailed the launch of the fund as a groundbreaking initiative that will help remove barriers to entry for emerging businesses. “The Gauteng government has set aside up to 30% of its procurement spend for township businesses. Those businesses cannot take full advantage of those opportunities unless we support them both financially and non-financially,” she said.
“Initiatives such as the Kasi Mnotho Fund are game-changers that will revitalise the township economy and put it in the mainstream of the country’s economy where it rightfully belongs.”
When do we apply?
Starting from 1 November 2023, All Kasi shops can start to submit their Application Forms to the following email: apps.kasi-mnotho@familytreeholdings.co.za
Where do we get more information?
Tel: 0800 123 475 (operating hours, 08:00 to 16:00)
WhatsApp: 083 413 7400
Compliments and Complaints: customercare@familytreeholdings.co.za.
Where do we get the Application Forms
Application forms can be downloaded at: www.familytreeholdings.co.za.
What is the Kasi Mnotho Enterprise Development programme?
For those businesses who did not meet the requirements but are eligible, they will be required to enroll for this programme so that they can be assisted to qualify for Kasi Mnotho Fund.
What are the terms of the loan?
All the terms of the loan will be communicated to the successful applicants upon approval.
Everyone will be considered, irrespective of their credit score.
Repayment terms will be structured to be manageable and supportive of business growth
I would like to be part and parcel of this group what are your requirements to be considered
Download the form here and apply
https://familytreeholdings.co.za/