South African Tourism Minister Patricia de Lille announced she is close to terminating a service level agreement with the Small Enterprise Finance Agency (SEFA).
De Lille explained that SEFA has failed to grasp the urgency in disbursing funds to small businesses. The agency, which falls under the Department of Small Enterprise led by Minister Stella Ndabeni, has caused delays in releasing funds to SMMEs in the tourism sector.
In April, De Lille’s department approved over R50 million for small businesses, intended for 160 SMMEs to participate in both international and domestic trade shows.
During a media briefing at Parliament on Thursday, marking her first 100 days in office under the GNU administration, De Lille emphasized the importance of supporting businesses.
“There is a huge need, and it’s crucial to fund and help businesses grow. I had a conversation with the Minister of Finance about where to move the funding for quicker disbursement, and I will make an announcement soon,” she said.
