The Western Cape’s Department of Economic Development and Tourism (DEDAT) has partnered with the JSE for a multi-year small to medium-sized enterprises (SMEs) development programme, which aims to stimulate the growth of the SME sector in the province.

The collaboration between the public and private sectors will ensure that a targeted 100 SME businesses have access to the expertise they need to expand and to create many more jobs in South Africa, says Western Cape Economic Development and Tourism MEC Mireille Wenger.

The three-year programme will focus on numerous initiatives to facilitate the development and growth of SMEs in the Western Cape. The first year will focus on a capital matching initiative where SMEs will be introduced to capital providers who are interested in funding SME businesses in their growth phases.

“Access to capital remains one of the top three challenges for small and medium enterprises in South Africa. This is why we want to start with a focus on building networks of investors, incubators, industry bodies, and the finance sector to start their investment journey with the right SMEs,” says JSE Group CEO Leila Fourie.

The Capital Matching Roadshow that will be hosted in Cape Town aims to match 100 companies, predominantly from five priority sectors - tourism and film, agriculture and agricultural processing, real estate, the green economy, technology and manufacturing - with the aim of scaling the SMEs and driving job creation and increased economic activity across the province.

Further, this first initiative consists of three phases, namely the recruitment of SMEs, capital or investor readiness support for the SMEs and an event in Cape Town where SMEs will get the opportunity to present their investment cases to investors for funding consideration.

“The partnership comes on the back of the ever-growing need to focus on driving economic growth and job creation in South Africa, with SMEs being identified in the country as vital to stimulating the economy and creating the next generation of successful entrepreneurs,” says Fourie.

A key focus of the Western Cape government and the DEDAT is to provide access to economic opportunities with a focus on employability as a key component of the Growth for Jobs strategy which envisages a jobs-rich, inclusive, sustainable and resilient provincial economy, adds Wenger.

“Together, the public and private sectors can succeed in creating a much more prosperous future full of hope, with an economy that is growing, creating jobs, and where all businesses who want to expand, are able to,” she says.

SME businesses are the heart and soul of the Western Cape economy. If they succeed, so too does the economy, says Western Cape Premier Alan Winde.

“To effectively create an enabling environment for economic growth that creates jobs, we need to take the lead and enhance the work of businesses, entrepreneurs and informal traders.

“I welcome all initiatives and measures that help SMEs realise their full potential. One such intervention is the Growth for Jobs strategy, which maps out and drives the Western Cape’s economic growth and job creation trajectory towards a trillion-rand, jobs-rich, inclusive economy by 2035,” he says.