The Department of Tourism is calling on all black-owned tourism enterprises to apply for the Tourism Transformation Fund (TTF).
\nThe department, together with the National Empower Fund (NEF), aims to provide a financial boost to these enterprises through the fund.
\n\u201cThe TTF aims to drive transformation in the tourism sector in a more direct and impactful manner that will not only assist black-owned tourism enterprises to expand and grow, but also to catalyse the rise of a new generation of black-owned tourism enterprises to propel the tourism sector to greater heights.
\n\u201cThe TTF provides a combination of grant funding, debt financing and equity contributions to facilitate capital investment in the tourism sector by black entrepreneurs. The grant funding portion is used to reduce the approved loan finance and\/or equity contribution by the NEF, where commercial viability of the tourism project has been established,\u201d the department said.
\nThe fund will also provide post investment support to enterprises through the NEF and the department.
\nNew and existing black-owned enterprises are eligible for funding if they satisfy the following requirements:
\n\u2022\tThe enterprise must provide services to tourists as its direct clients.
\n\u2022\tThe project must have proven commercial viability and sustainability, as per the NEF funding criteria and due diligence.
\n\u2022\tThe enterprise must be majority (51%) black-owned.
\n\u2022\tThe enterprise must be black management controlled.
\n\u2022\tShareholders must be operationally involved in the business.
\n\u2022\tThe enterprise must be registered as a legal entity in South Africa in terms of South African law.
\n\u2022\tThe enterprise must either be a black-owned Exempted Micro Enterprise (EME) or black-owned Qualifying Small Enterprise (QSE), in terms of the Amended Tourism Broad-Based Black Economic Empowerment (B-BBEE) Sector Code.
\n\u201cThe department\u2019s grant contribution for approved applications is limited to 50% of the total loan finance and\/or equity contribution approved by the NEF and is capped at a maximum of R5 million per beneficiary.
\n\u201cCo-financing tourism transactions between the NEF and\/or other accredited Development Finance Institutions is allowed under the Fund. Any such arrangement needs to be agreed to by the NEF,\u201d the department said.
\nApplications can be accessed at www.nefcorp.co.za and can be submitted at NEF offices at West Block, 187 Rivonia Road, Morningside, 2057 or emailed to tourism@nefcorp.co.za.<\/p>\n
Source: South African Government News Agency<\/p>\n","protected":false},"excerpt":{"rendered":"