IDC announces record funding approvals
3rd Quarter 2009
News & events
The Industrial Development Corporation (IDC) has announced a strong performance for the year ended 31 March 2009, with funding approvals up 27% to R10,8bn and funding in the rest of Africa up by 38% to R2,9 billion. The corporation reports that its approved funding activity will facilitate the creation of 24 200 direct jobs in South Africa.
In a difficult year that saw South Africa slip into a recession for the first time in 17 years, the IDC’s workout and restructuring unit, which focuses on distressed companies, was particularly busy with more than R500m spent assisting companies affected by the domestic economic slowdown.
Funding initiatives
In addition to responding to the crisis, the IDC has continued to focus on funding projects and firms geared at addressing the structural challenges facing the economy, particularly those that address catalytic infrastructure, next generation and green investment as well as small and medium enterprises, in support of the national agenda and South African industrial competitiveness.
The bulk of funding (52%) for the 2008/2009 financial year was on start ups and expansions; ownership changes accounted for 15% of loans, while restructuring and rescue absorbed 5% of funds approved.
In line with its role to support sustainable economic growth and development, the IDC approved R8,9 million worth of business support grants to assist clients through skills development and consultancy services, up from R2.6 million in the previous year.
Transformation and Entrepreneurship Scheme
In 2008 the IDC established the R1 billion Transformation and Entrepreneurship Scheme (TES). The purpose of the scheme is to help entrepreneurs access finance to develop or grow their business by providing capital for start-up businesses, expansions and acquisitions. The TES is available through five funds, focusing on the financing needs of entrepreneurs from previously disadvantaged groups such as women; people with disabilities; worker groupings; and community groupings. Each of the five funds has different rules for participation.
In addition to the funding, the TES has a business support component aimed at assisting with the funding of the specific training needs of the beneficiaries of the scheme.
For a project to qualify under any of the funds under the scheme, the entrepreneurs need to present an economically viable business concept. The IDC conducts a thorough due diligence to evaluate all proposals and projects in this respect. It is therefore important that applicants submit a complete and a detailed business plan to expedite the appraisal process.
Further details of the scheme are available in a downloadable brochure: www.idc.co.za/Brochures/TES Brochure.pdf
For more information contact the IDC Call Centre, 0860 693 888, [email protected], www.idc.co.za
Further reading:
Innomotics showcases efficient motors and drives at Hannover Messe
News & events
Innomotics recently presented its innovations and solutions for a sustainable industry at Hannover Messe 2025. Highlights included a novel Active Vibration Control System, IE6 energy efficiency class motors, and new product partnerships.
Read more...
A racing partnership
SKF South Africa
News & events
In one of motorsport’s most demanding arenas, a partnership forged in engineering precision and high-performance ambition has proven its worth. SKF, a global leader in bearing technology and innovation, celebrated a remarkable milestone in partnership with SVR Toyota GAZOO Racing, taking second position overall at the 2025 Dakar Rally.
Read more...
German Chancellor visits Beckhoff at Hannover Messe
Beckhoff Automation
News & events
As part of the traditional Hannover Messe opening tour, Federal Chancellor of Germany, Olaf Scholz visited German company, Beckhoff Automation. Hans Beckhoff, managing director and owner of Beckhoff Automation, presented his company and its comprehensive expertise in the field of software and AI.
Read more...
Festo 100th Anniversary: Celebrating a century-long legacy of innovation and commitment
Festo
News & events
Festo has officially begun celebrating 100 years of groundbreaking technology, commitment and enduring partnerships. To kick off this historic milestone celebration, their Customer Innovation Day and ThankYou Party series brought together customers, partners and employees to reflect on their journey and look ahead to an exciting future.
Read more...
SANSA Hartebeesthoek provides critical support for lunar mission
News & events
The South African National Space Agency (SANSA) is providing vital tracking, telemetry and command (TT&C) support for Intuitive Machines-2 (IM-2) lunar mission from its Hartebeesthoek ground station.
Read more...
Siemens and Oracle Red Bull Racing celebrate 20 years of innovation
Siemens South Africa
News & events
Siemens Digital Industries Software is celebrating the 20th anniversary of its collaboration with Oracle Red Bull Racing, representing one of the longest standing technical partnerships in Formula 1 today.
Read more...
A new generation of solar professionals
News & events
A new generation of solar professionals is rising in Cape Town. The second cohort of the Solar Youth Project has just completed an intensive eight-week training course and is ready to take on the next stage, 10 months of work experience.
Read more...
From the editor's desk: The new space race
Technews Publishing
News & events
The other day an interesting report captured my attention. Within four days, two different private American companies recently succeeded in landing their spacecraft on the moon. Intuitive Machines landed
...
Read more...
Upskilled workers add value to maintenance teams
News & events
Maintenance costs, which are traditionally grudge expenses for businesses or industrial operations, can be kept to a minimum by ensuring that maintenance crews are properly trained in key aspects of the condition monitoring process. Wearcheck offers a choice of more than 15 courses covering a wide range of topics, from general oil analysis to thermography, transformer maintenance and many other reliability solutions services.
Read more...
BMG powers up at Nampo 2025
Bearing Man Group T/A BMG
News & events
The BMG team was highly prominent at this year’s Nampo agricultural show, held near Bothaville recently. This prestigious event, which is one of the largest agricultural exhibitions in the southern hemisphere, is a highlight for manufacturers and suppliers of farming equipment, as well as for farmers, families and the entire community.
Read more...
printer friendly version