The Eastern Cape Development Corporation (ECDC) has announced that it will, during the 2023/2024 financial year, unveil an innovative funding solution that will see the conversion of marine containers into businesses in a box, with funding of up to R350 000 for each approved enterprise.
This was one of the major announcements ECDC made during a business breakfast meeting with business fraternity under the OR Tambo District Municipality held at Garden Court in Mthatha, on June 8.
ECDC’s rural enterprise finance and business support executive, Darwin Nkonki, said that the funding model for the business in a box programme would be a combination of a grant and a repayable loan.
“The first R150 000 of the total R350 000 will be in the form of an incentive, and the rest can be considered as a development loan,” said Nkonki.
He further announced the automation of ECDC loan origination, which will enable applicants to apply online without the need to be physically present at ECDC offices to access their services, adding that the automation will be officially launched on July 4.
“We are also planning to launch the retail revitalisation programme, and ECDC is exploring successful models in the retail sector through facilitating the establishment of a distribution centre, to supply existing retailers and to create new ones through accessing various incentives,” added Nkonki.
OR Tambo District Chamber of Business secretary, Dr Andile Nontso, urged the ECDC to follow up on those businesses it gives business loans, to ensure that the loans are paid back.
ECDC properties and strategic projects executive, Craig Thompson, also announced that the corporation would be undertaking multi-million-rand upgrades to its properties that will benefit local SMMEs.
ECDC properties are concentrated in Mthatha, Butterworth, East London and Komani.
ECDC board chairperson, Vuyani Jarana, OR Tambo District Municipality executive mayor, Mesuli Ngqondwana, Nyandeni Local Municipality mayor, Viwe Ndamase, Port St Johns Local Municipality mayor, Nomvuzo Mlombile-Cingo, and King Sabata Dalindyebo Local Municipality municipal manager, Ngamela Pakade, were some of the notable attendees of the business breakfast.
