Department launches new entity for small businesses
The Department of Small Business Development has launched a new entity, the Small Enterprise Development and Finance Agency, or Sedfa, with the aim to scale up support to small businesses or micro, small and medium-sized enterprises (MSMEs), by creating an efficient ‘one stop shop’ to enable access to development and finance for MSMEs.
The entity was formed through a merger between the Small Enterprise Development Agency, the Small Enterprise Finance Agency and the Cooperative Banks Development Agency.
Department of Small Business Development director-general Thulisile Manzini noted at the December 10 launch that, as the market landscape is evolving, so are the expectations of customers, with customer preferences shifting towards more sustainable and innovative solutions.
“To remain relevant and continue our growth, we must adapt and reposition our brand,” she added.
During her keynote address, Small Business Development Minister Stella Ndabeni-Abrahams noted the department’s focus on building sustainable businesses moving forward into 2025, highlighting the importance of collaboration, innovation and continuous education among entrepreneurs.
The department noted in a separate statement that it had put active measures in place to address the R350-billion MSME credit gap, including through the development of the MSME and Cooperatives Funding Policy, which has recently been approved by Cabinet.
This policy will enable the establishment of an alternative credit information system, a movable asset registry to address the problem of insufficient fixed collateral, as well as a Fund of Funds which the Department is working on with the Department of Trade, Industry and Competition and National Treasury.
“It is not just about bringing different agencies together. It is about redirecting, refocusing, reshifting . . . to focus on what is required by our entrepreneurs, the kind of support they need, the entire holistic approach,” the Minister added.
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