The South African Department of Tourism and SEFA, an agency within the Department of Small Business Development, have announced the launch of the Tourism Equity Fund (TEF).
The fund, valued at R1.2bn, aims to develop the tourism sector and ensure inclusive participation.
The TEF will help address the financial challenges of qualified small businesses and micro-enterprises in the tourism sector. In partnership with financial institutions in South Africa, the Department of Tourism and SEFA will provide affordable and customised financing. This is reported by the
official website of South African Government.
Besides, 80 per cent of the funds will be allocated for the development of existing businesses and 20 per cent for the establishment of new businesses. The fund will support a variety of needs of tourism businesses, including equity acquisition, investment in new developments and expansion of operations.
The TEF will target businesses in the accommodation, hospitality, travel and related services sectors. Applications for the TEF programme have already been accepted at 985.
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