Development of Emerging Micro and Formal Enterprises in eThekwini Municipality Project
Partner name: Project Preparation Trust KZN
Project name: Development of Emerging Micro and Formal Enterprises in eThekwini Municipality
Funding round: CFP 1
Funding: Jobs Fund grant R5 000 000
Matched Funding R1 000 180
Window: Enterprise development
Location: eThekwini, KwaZulu-Natal
Partners: eThekwini Municipality emerging micro and informal entrepreneurs
Problem statement:
The formal economy cannot provide sufficient job and income-generating opportunities on its own. The success of emerging Asian and South American economies demonstrates the importance of the micro and informal economy as a major driver of both employment and sustainable economic growth. In South Africa, there is no policy and very few programmes that support the informal sector. There are also limited support services for emerging enterprises within economically excluded urban areas. Entrepreneurs in the informal sector cannot fully optimise economic opportunities due to lack of information, poor education and skills, limited cooperation, restricted market access and a lack of appropriate external support.
The Project Preparation Trust is an independent public interest organisation that specialises in the preparation of projects for historically disadvantaged communities and special needs groups. The Emerging Micro and Formal Enterprises project is an initiative started by the Project Preparation Trust in partnership with informal entrepreneurs in six urban precincts in eThekwini Municipality. The project will support the entrepreneurs’ sustainable growth.
The Project Preparation Trust operates revolving funds enabled through Jobs Fund funding and other partners. The Emerging Micro and Formal Enterprises project will support the development of vibrant and sustainable enterprises in the informal sector that are able to create job opportunities by offering quality business development services, skills training, mentorship and business planning; creating cooperatives and providing financing opportunities to viable business models.
Expected results:
New permanent jobs 216
New short-term jobs 20
Time-bound internships completed 6
Training completed 80