Scout PR & Social Media has been tasked with publicising the CDI Capital Growth Fund, which has opened for grant funding applications. Small businesses that are experiencing growth or are poised for expansion in any sector and can create jobs are encouraged to apply.
CDI Capital is a niche emerging impact funder, and subsidiary of the Craft + Design Institute (CDI) non-profit, which has a 20-year track record of success in supporting small businesses in South Africa. As an impact funder, CDI Capital is committed to creating positive social and economic impact in the SMME sector and the South African economy.
From 2012 -2015, CDI Capital Growth Fund created 464 jobs in 45 businesses with participating businesses growing their combined annual revenue by 73% – exceeding the fund’s initial targets. The current round of funding, supported by the National Treasury’s Jobs Fund, aims to support up to 60 businesses to create 600 new jobs by 31 March 2023.
The fund is poised to repeat the success it achieved in its first round of funding and has already created 447 new permanent jobs in 23 businesses in its second round of funding. CDI Capital aims to identify another 20 businesses nationally within the next three months who qualify to receive this valuable support.
The CDI Capital Growth Fund provides grant funding to unlock barriers to growth for SMMEs and this growth leads to the creation of new permanent jobs. To further support these SMMEs, CDI Capital also provides mentorship and access to working capital loans of up to R500,000 to help fund purchase orders and working capital needs linked to their growth.
Businesses can use the grant funding to unlock growth opportunities and cover needs such as advertising, marketing, communications, building and other fixed structures, equipment, machinery, materials, research and testing, professional services, and so on. Businesses can apply for an amount between R105 000 and R1 050 000, depending on how many jobs they commit to creating before 31 March 2023.
To be eligible to apply a business must:
- Be a South African-owned business, with the controlling interest of the enterprise (51% of the issued ordinary share capital) being held by South African citizens with a valid South African ID OR a South African Registered legal entity itself controlled by South African citizens with a valid South African ID.
- Operate within South Africa, including but not limited to projects, programmes, or enterprises of the business.
- Be an existing business, at least 1 year old (preference will be given to businesses that have been trading for 2 years or more) with turnover or assets above R600 000 (if this was pre-COVID-19 a business will still be eligible).
- Match 20% of the contribution of the Fund through their own cash contribution.
- Must create one job for every R21,000 grant investment, with a minimum of 5 jobs.
- Be tax compliant and supply a valid Tax Compliance Status (TCS).
Funding applications can only be made online, via https://cdicapital.co.za/growthfund/. For further information, please visit https://cdicapital.co.za or contact Ryan Rode via email@example.com.