Free State MEC for Finance, Economic Development and Tourism, Ketso Makume, on Wednesday (1/4) in Phahameng, Bloemfontein, outlined a financing initiative aimed at unlocking economic opportunities and revitalizing township economies in the province.
The Micro, Small and Medium Enterprises (MSMEs) Financing Program aims to support emerging businesses by improving access to finance, strengthening productivity and building long-term sustainability.
During the budget vote speech for the current financial year, Makume pledged to assist Free State MSMEs and provide them with strategic resources such as skills, networking, financial and non-financial support to nurture their innovative ideas.
It is for this reason that the department launched this large-scale initiative, inviting MSMEs, informal business traders and spaza shops in the Free State to apply for financing incentives online.
A total of 2,034 applications have been received through the online platform after the MEC extended online applications last year in the form of a second window period from September 11 to 20.
According to Free State Destea spokesperson Mojalefa Mphapang, this initiative is an innovative way to ensure that businesses remain sustainable and continue to grow.
“We encourage business owners to participate in workshops and training sessions when they are offered. Having the right background knowledge and understanding of how to run a business is essential for long-term success,” he said.
The program focused on the common challenges faced by small businesses, and referred some applicants to relevant development financial institutions (DFIs) for further assistance where necessary.
“Not only do we provide financial assistance, we also offer a range of programs that focus on non-financial assistance, a crucial area in which entrepreneurs need to invest,” he added.
The initiative was part of the provincial government’s broader strategy to drive economic transformation, with a focus on job creation and local economic development. It also supported MSMEs as key contributors to livelihood conservation and township revitalization, as well as enabling inclusive growth.
Refill Molekane
Refilwe Molekane
www.bloemfonteincourant.co.za