Provincial funding agency ready to support high-impact black-owned businesses

THE KZN Growth Fund Agency (KZNGFA) is enhancing its stakeholder engagement efforts as part of its commitment to stimulating economic growth in the province. The agency says that at the heart of this initiative is its drive to support black-owned businesses requiring funding between R20 million and R100 million. By providing financial assistance to businesses in key sectors such as manufacturing, mining, agricultural processing, tourism, healthcare, transport and logistics, education and energy, the KZNGFA is actively contributing to job creation and economic development in the province.

A recent stakeholder engagement event brought together partners, suppliers, funded projects and potential fund applicants from across these industries to empower entrepreneurs and streamline access to funding. The agency says the engagement was crucial in educating potential applicants on the various types of funding that can be accessed through the KZNGFA, and showcasing the online application portal designed to simplify and accelerate their journey towards securing investment.

The KZNGFA’s focus remains on identifying and funding existing businesses that can make a tangible impact on KwaZulu-Natal’s economy. The agency is particularly interested in enterprises that are majority black-owned, ensuring that previously disadvantaged groups have access to the necessary resources to scale and expand their businesses.

“Stakeholder engagement is at the core of our strategy to fund more projects and create more jobs in 2025,” said Bongiwe Dlamini, on behalf of the board of directors of the KZNGFA. “Our mandate requires us to identify and support those businesses that will drive inclusive economic growth and provide sustainable employment opportunities for the people of KZN, and this engagement is one of the steps towards fulfilling that requirement.”

Through rigorous selection criteria, the KZNGFA ensures that approved businesses align with the province’s broader economic objectives. By prioritising high-impact industries, the agency is not only promoting business development but also addressing the urgent need for job creation, particularly for those currently unemployed.

Online application portal

One of the key highlights of the stakeholder engagement event was a demonstration of the KZNGFA’s online application portal. Designed to simplify the application process, the portal offers a seamless, user-friendly experience that reduces bureaucratic hurdles, enabling faster and more efficient funding decisions.

“Our goal is to make 2025 the year of the applicant,”  said Xolani Nhlapo, acting chief investment officer at the KZNGFA. “By leveraging digital technology, we are removing barriers to entry and making it easier for businesses to access the funding they need to thrive. The online portal is a game-changer in our mission to fund more projects and drive economic transformation.”

Beyond the digital innovations, the stakeholder engagement event provided a crucial platform for dialogue between the KZNGFA and the businesses it seeks to support. The event featured insightful discussions on funding challenges and opportunities, fostering a deeper understanding of how the agency can better serve its stakeholders.

KZNGFA’s strategic partners shared valuable insights and reaffirmed their commitment to working closely with the KZNGFA to meet applicants’ in a way that aligns with economic growth priorities.

Call for applications

The KZNGFA is calling on eligible black-owned businesses to take advantage of the funding opportunities available. Entrepreneurs who meet the criteria are encouraged to submit their applications via the online portal.

“Funding alone is not enough; it is about ensuring that businesses are equipped to succeed and create sustainable employment,” Nhlapo said. “We urge all potential applicants to engage with us, explore the resources available, and become active contributors to the province’s economic future.”

Background

The KZN GFA is an unlisted entity of the provincial Department of Economic Development, Tourism and Environmental Affairs (EDTEA) as provided for in the KZN Growth Fund Agency Act, Act No. 4 of 2024.

It was initially set up in 2008 as a Trust initiative of the provincial government’s Department of Economic Development and Tourism (DEDT) and structured as a debt fund. It became operational in 2009 to finance medium-to large- scale private sector projects throughout the KZN province. The main objective for the establishment of the entity was to provide competitive and innovative solutions to private sector investments that propel socio-economic growth in KZN. The EDTEA is the sole beneficiary of the KZNGFA, whose objectives are in line with the provincial Growth and Development Strategy as well as the New Growth Path Framework and various sector priorities.