The Kistefos Opportunity Fund and Small Business support programme has provided 45 small businesses with loans and 55 business owners have been empowered with entrepreneurial skills this year.
Small businesses cannot afford steep interest rates on bank loans, and as such the fund provides loans of R1,500 and less over four months to small business owners.
The fund also provides businesses with training in marketing, buying stock, stock control, money management, costing, pricing and selling, and business planning.
The free training is administered by NGO, Small Project Fund (SPF).
Programme leader, Carl Sategke said: “Our mission is to build sustainable communities with improved livelihoods in Buffalo City.
“We understand that one business may easily give birth to more jobs.
“We also understand that without skills and access to funding, a dream of owning a business may easily fade.
“Skills development and access to funding can assist to eradicate poverty, solve unemployment issues and create sustainable communities.
“The idea of studying with the aim of being employed by someone is outdated.
“It is time that South Africans must think of employing themselves and entrepreneurial skills should be a way to go.
“Our programme has assisted traders, manufacturers, and a small part of service providers.
“I believe there is a huge gap in manufacturing.
“The biggest percentage of our beneficiaries are traders. Some buy their stock far from East London.
“If we can have manufacturers of those products based here in East London, it will be very convenient for them and at the same time it will mean a lot to those manufacturers.”
Kulozeze Hair Salon owner Nomsindiso Taleni, who received funding and training, said she was able to buy much-needed equipment and fix up her business premises with the loans she received.
“My business is not the same like before, it is neat and I know how to market to customers.”
