The Eastern Cape Development Corporation (ECDC) has disbursed R80 million in business funding to 76 small businesses in the Eastern Cape during the 2024\/25 financial year, achieving a loan repayment rate of 86%.<\/p>\n\n\n\n
Of the 76 businesses that received loan funding, 21 were women-owned, accounting for R9.4 million, and 16 youth-owned, receiving R13.9 million. \n<\/p>\n\n\n\n
In total, the loan funding facilitated the creation of 309 jobs.\n<\/p>\n\n\n\n
Releasing the Corporation’s annual results last week, the ECDC’s acting Chief Executive Officer, Lulama Mbobo-Vava, reported that a total of 470 businesses received loans and financial incentives during the 2024\/25 financial year. \n<\/p>\n\n\n\n
Financial incentives, provided through the Jobs Protection and Stimulation Fund, Imvaba Cooperatives Fund, and the Small Town, Township and Rural Entrepreneurship Support Programme, contributed to the creation of 827 jobs. \n<\/p>\n\n\n\n
Combined with enterprise finance, the total number of jobs supported was 1,136.\n<\/p>\n\n\n\n
“The 2024\/25 financial year demonstrates the ECDC’s commitment to operating as a high-performing development finance institution. We focused our resources on driving investment, trade, small business growth, sector competitiveness, and transforming our property portfolio to activate vibrant local economic activity. We also placed special emphasis on its financial sustainability, which underpins our development agenda. \n<\/p>\n\n\n\n
“We are pleased to have achieved our 10th consecutive unqualified audit opinion for the 2024\/25 financial year,” said Mbobo-Vava.\n<\/p>\n\n\n\n
She said a total of R14.3 million was disbursed to 199 businesses through the Jobs Stimulation and Protection Fund to save or retain existing jobs. \n<\/p>\n\n\n\n
Of this, R13.2 million was disbursed during the period under review, and R1.1 million was from prior year approvals, resulting in 625 jobs saved. Of these, 322 were held by women, and 234 by youth. \n<\/p>\n\n\n\n
The incentive has been crucial in sustaining businesses and preserving jobs. Supported businesses are referred to the ECDC’s business support function to address causes of distress and implement corrective measures.\n<\/p>\n\n\n\n
She added that a total of R17.58 million was disbursed to 57 cooperatives and enterprising individuals through the ECDC-administered Imvaba Cooperatives Fund, aimed at sustaining primary cooperatives in the Eastern Cape. Of this amount, R16.9 million went to cooperatives approved during the review period, and R986,583 to cooperatives approved in the previous year.\n<\/p>\n\n\n\n
The ECDC also initiated structured long-term non-financial support initiatives for small businesses, reaching 905 enterprises in 2024\/25. \n<\/p>\n\n\n\n
Of these, 273 businesses received direct business support, whilst 632 enterprises participated in training programmes, training 895 individuals. Additionally, 26 seminars were held with 695 enterprises and 847 attendees, including 59% women and 38% youth.\n<\/p>\n\n\n\n
“During the review period, the ECDC facilitated R2.76 billion in investments and R220.8 million in exports. A total of 198 enterprises received trade and export readiness training through the Export Development Programme. Twelve sectoral catalytic investment projects were supported, contributing to the creation of 2,757 jobs.\n<\/p>\n\n\n\n
“In the creative industry, a total of 159 crafters received market access, product and business development support. Sales from the Eastern Cape Craft Collection shop reached R310,847 for the 2024\/25 financial year.\n<\/p>\n\n\n\n
“In the property sector, the investment property portfolio showed improved resilience. Rental collections increased from 60% to 65%, driven by stronger tenant engagement, improved billing systems, and a focused arrears recovery strategy. The Capital Raise Programme attracted R162.5 million from the provincial government.”\n<\/p>\n\n\n\n
Mbobo-Vava said the disposal programme generated R24.36 million in revenue, with an additional R16.1 million in sales anticipated in 2025\/26, positioning the ECDC to achieve 90% of its R45 million target.\n<\/p>\n\n\n\n
“The ECDC also partnered with public sector clients on catalytic infrastructure projects, generating R3.63 million in revenue. The Corporation managed R412 million in infrastructure projects, reflecting government confidence in the ECDC’s implementation capacity. \n<\/p>\n\n\n\n
“In the economic development coordination and sector support function, the ECDC raised R78.3 million for economic development initiatives and completed feasibility assessments for projects with a minimum individual value of R10 million, ensuring economic impact and project viability.\n<\/p>\n\n\n\n
“We are embedding a high-performance organisational culture, prioritising customer service and public trust. Systems and technologies are being implemented to enhance efficacy, and top talent is being attracted and retained to advance the Eastern Cape’s development priorities,” Mbobo-Vava said.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Eastern Cape Development Corporation (ECDC) has disbursed R80 million in business funding to 76 small businesses in the Eastern Cape during the 2024\/25 financial year, achieving a loan repayment 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