Small Business Funding in Eastern Cape

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Small business in Eastern Cape

The Seda Technology Programme (Stp) helps potential businesses become trading entities. Seda has a programme to make co-operatives and jointly owned enterprises stronger. Seda’s main provincial office is East London, with nine other offices located around the province.

The Masisizane Fund offers loan financing at good rates and training through its Business Accelerator programme. As a non-profit initiative of the Old Mutual Group, the fund focusses on the cash flow of potential businesses rather than insisting on security in the form of property.

The big retail banks have desks dedicated to promoting small enterprise and several agencies have a specific focus, for example the Eastern Cape Rural Development Agency (ECRDA).

The National Empowerment Fund (NEF) provides financial support from R250 000 up to R75-million for start-ups, the expansion of existing business, as well as the acquisition of equity. In the Eastern Cape, the NEF is supporting companies working in the fields of solar energy, restaurant franchises and transport.

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About Eastern Cape

History

Is one of the provinces of South Africa. Its capital is Bhisho, but its two largest cities are East London and Port Elizabeth.

The second largest province in the country at 168 966 km2 after Northern Cape, it was formed in 1994 out of the Xhosa homelands or bantustans of Transkei and Ciskei, together with the eastern portion of the Cape Province. The central and eastern part of the province is the traditional home of the indigenous Xhosa people. In 1820 this area began to be settled by Europeans who originally came from England and some from Scotland and Ireland.

Known for

Its long stretches of unspoilt sandy beaches, rocky coves, secluded lagoons and towering cliffs are some of the Eastern Cape’s most precious gems. The province’s diverse landscapes – from the dry and desolate Great Karoo to the lush forests of the Wild Coast and the mountainous Drakensberg region – make the Eastern Cape a must-do on any traveller’s bucket list.

Economy

The Eastern Cape Development Corporation (ECDC) is the lead agency in driving economic growth in the province. The Investment Promotion Unit of the ECDC actively markets and facilitates investments. Eight economic sectors have been targeted as priorities, including renewable energy, the oceans economy and tourism.

Work is being done on rail links to the Eastern Cape to enable more manganese to be exported through the province. These logistics upgrades are an indicator that the political will exists to improve infrastructure.

In his 2018 State of the Province Address, Eastern Cape Premier Phumulo Masualle said that the province had become “one gigantic roads construction site” with active projects underway to the value of R7-billion and another R5-billion to be completed before 2022.

The Eastern Cape is fast becoming South Africa’s wind-farm hotspot. Just two areas, greater Jeffreys Bay and Cookhouse/Bedford, will soon be contributing 1 185 MW to the national grid.

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Eastern Cape Business facts:

Historically, wool and ostrich feathers were the region’s first exports and these items are still in the export basket (with wool more prominent than ostrich feathers). In time, the Eastern Cape also became a global leader in mohair, the luxury fibre taken from Angora goats. This position has strengthened in recent years. The fertile Langkloof Valley in the west has enormous deciduous fruit orchards and the Alexandria and Grahamstown area produces pineapples, chicory and dairy products. The Eastern Cape is the leading livestock province in terms of numbers of sheep and cattle and produces a quarter of South Africa’s milk.

The Eastern Cape’s beaches and natural beauty have been attractive to tourists for many years, but recent initiatives to expand the province’s offerings are paying off. With a focus on events and “adventure tourism”, visitor numbers are steadily growing. The province aims to be a “Top Three” domestic destination by 2020. Spending by tourists has grown from R2.4-billion in 2013 to R4.1-billion in 2015 and the average length of stay (5.3 days) is the best in South Africa.

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Major Companies in Eastern Cape

The manufacturing facilities of Volkswagen South Africa (in Uitenhage) and Mercedes-Benz South Africa (East London) are at the core of the province’s important automotive sector. It was to support this sector that industrialisation took place in the province. Smelters and metal works were built to service car makers and automotive component manufacturers. Ford engines are built in Port Elizabeth and a wide range of makers of automotive glass, catalytic converters, vehicle tyres and other parts are found in Uitenhage, Port Elizabeth and at the Special Economic Zone (SEZ) in East London.

Two Chinese car makers have recently invested in the Coega IDZ, First Automotive Works (FAW) and Beijing Automobile Corporation (BAIC). Local giants Volkswagen SA and Mercedes-Benz SA have invested heavily in increased capacity for new lines of production.

Are you looking for Small Business Fanding in Eastern Cape?

Get approved for up to R1,500,000 today. No fees, no commitments.

CAPITAL CITY

PORT ELIZABETH

OTHER MAJOR CITIES

EAST LONDON

Its best to explore all financing options in Eastern Cape, contact Cape Town Capital to find out what loan your business qualifies for.

Our Funding Programs Include:

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