The SAB Foundation has partnered with the Industrial Development Corporation (IDC) to create and co-fund the Township Energy Fund.
This R15 million initiative is aimed at providing grant funding to small, medium, and micro-sized enterprises in townships, rural areas, and small towns, enabling them to implement renewable energy solutions, restabilise operations and catalyse their business growth.
The IDC has committed R10 million towards the fund, with a co-contribution of R5 million pledged by the SAB Foundation.
“Recently we conducted a survey amongst our entrepreneurs which revealed that 60% of businesses have experienced a reduction in production capacity due to load shedding,” said Bridgit Evans, Executive Director of the SAB Foundation.
“One example given by one of the survey respondents is that the power cuts taking place during their manufacturing process has impacted production momentum and rhythm, resulting in wasted material,” she said.
Evans said the fund will support businesses in high-energy-consuming sectors, such as retail, construction, hospitality, mining, agriculture, and manufacturing.
Grants will range between R50 000 and R250 000, based on a needs analysis to ensure customised support for each business.
“The energy crisis has placed a significant burden on small business owners, many of whom are already struggling to keep their doors open,” says Evans.
“We will be prioritising green energy solutions,” she added. “This will not only address immediate energy needs, but also contribute to long-term environmental sustainability.”
In addition to grant funding, beneficiaries will also continue to receive comprehensive business development support, including tailored mentorship, market access assistance, media and brand building, and investment readiness training.
This holistic approach aims to foster sustainable business growth and resilience and the face of ongoing challenges.
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