IDC funds youth-owned business in NW

Posted in Latest News

Klerksdorp Midweek, Klerksdorp - The Industrial Development Corporation (IDC) has set aside R4.5 billion to provide funding for
youth-owned businesses in the NW.

To assist local entrepreneurs it recently opened a satellite office in Klerksdorp.

With an increasing focus on creating jobs, the IDC in the province has prioritised youth inclusion in key economic sectors such as tou-rism, mining and agriculture. It is currently in search of diverse, sustainable projects and sectors that can contribute to the province’s goals of greater economic participation of young entrepreneurs.

Through its Gro-E Youth Scheme the IDC has set aside R4.5 billion to provide funding for youth-owned businesses in the sectors that the corporation funds, at an interest rate of up to prime minus 3%. A minimum of R1 million, with a maximum of R50 million per project, will be approved through the Gro-E Scheme and this reduced loan pricing will be available over the next five years.

“Over the years, the IDC has launched bold programmes supporting young, black industria-lists in the region. We believe growing North West’s share of the national economy is only possible with a strong focus on youth entrepreneurship. If the province wants to achieve 6% economic growth by 2020, the economic inclusion of young entrepreneurs is crucial,” says Kgampi Bapela, Acting Regional Manager for the IDC’s North West office.

Since 2008, the IDC in the North West has partnered with entrepreneurs and grown its exposure from R1.4 billion to R6.2 billion in the region. In the past five years, over 20 000 direct jobs were created within the province.

The IDC has steadily increased its presence and impact in the North West over the past few years. With offices in Rustenburg, Brits and Mahikeng, the corporation responded to a need for increased access by clients and opened satellite offices in Klerksdorp and Vryburg.