The Craft + Design Institute (CDI) has launched R33-million in funding to boost SME growth, job creation and innovation.
The CDI has raised the money to establish three funds — a growth fund, an innovation fund and a loan book — to be managed by its investment arm, CDI Capital.
The funding will be for developing 60 growth-oriented SME’s and 20 innovative technological solutions, and to create 600 permanent jobs in the process over three years.
The funding has been enabled by the National Treasury’s Jobs Fund through the Government Technical Advisory Centre (GTAC), the Technology Innovation Agency (TIA), and the Western Cape Department of Economic Development and Tourism (DEDAT).
CDI Capital was specifically incorporated as a CDI subsidiary in 2016 to catalyse funding for SMEs. A level 1 B-BBEE company, it aims to combine government grants with corporate Enterprise Development spend and private funds to de-risk investments in SME’s to stimulate growth and returns.
The Growth Fund is open to businesses with turnover or assets of more than R1m with the ability to create permanent jobs. Applications opeedn on 27 November and close on 31 December 2017.
For specific criteria and more information on the grant please visit www.cdicapital.co.za/GrowthFund.
The Design Innovation Seed Fund (DISF) is open to inventors who believe they have protectable innovative technological solutions that could impact on specific sectors and could create permanent jobs. This is the third round of this fund.
Applications opened on 27 November and close on 31 December 2017. For specific criteria and more information on the grant please visit www.cdicapital.co.za/DISF.
In addition to the grant funding products, CDI Capital will also launch a R3,5-million working capital and term loan facility at reduced rates for the duration of the three-year project to provide access to cash flow during the growth stage of these, and other qualifying SMEs.
