Ithala Accelerating Business Development And Socio-Economic Empowerment - Pivot
Ithala Accelerating Business Development And Socio-Economic Empowerment - Pivot



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Ithala Accelerating Business Development And Socio-Economic Empowerment - Pivot

2017-06-12

Ithala's role is the promotion of economic transformation and alignment with policies to support, black, youth, women, amd diasabled, owned enterprisess. SMMEs must be empowered to tackle the country’s triple challenges of unemployment, poverty and inequality.

So says Ithala Development Finance Corporation, KwaZulu-Natal’s provincial development agency, which is intent on contributing to government’s objective to promote radical economic transformation.

The National Development Plan’s vision by 2030 is to achieve long-term accelerated economic growth whilst also reducing unemployment and inequality and helping to create a more inclusive society.

Hence, the ever-increasing role of state-owned development finance institutions (DFIs) in promoting job creation, shared economic growth and expansion of infrastructure as outlined in SA’s Growth Path Framework is imperative.

DFIs help to enhance government’s development policy in three areas:
  • Investing in under-served project types and settings (SMMEs, agribusiness)
  • Investing in undercapitalised sectors (specialisation in financial services, energy, infrastructure etc.)
  • Mobilising investors (through knowledge sharing, setting standards, etc
“As a development finance institution, we have an obligation to create an environment conducive to growing small businesses and to ensure knowledge and skills transfer in the interests of business sustainability,” said Yvonne Zwane, Ithala Group Chief Executive.

“SMMEs have a high labour-absorption capacity and hold the key to unlocking local economic development. Hence, the state, corporate and private sectors must collectively share the responsibility of building a solid foundation for SMMEs to thrive.”

In the past three years, Ithala has funded 684 business. The organisation disbursed R875 million, creating 7 917 jobs. Women-owned enterprises comprise 28% of Ithala’s loan book while youth businesses account for 39%.

Three flagship programmes spearheaded by Ithala are aimed at improving the long-term sustainability of SMMEs in KZN.

The “Inkunz’ isematholeni Youth in Business” competition attracts youth from all over KZN with innovative and sustainable business concepts, providing incubation and start-up support in their journey to becoming seasoned entrepreneurs.

Since 2014, over 300 participants have been included. Intensive incubation programmes are in progress with 20 candidates. “Imbokodo Iyazenzela” or “Women doing it for themselves” is an outreach programme that has enhanced the knowledge and skills of over 2 400 women in 16 towns of the province in collaboration with several strategic partners.

“Siyasebenza” which means “We are working” is a business development programme aimed at educating existing and emerging entrepreneurs on ways to build and grow sustainable businesses. Over 2 000 SMMEs in all 11 districts of KZN have been reached.

Ithala is the second largest property portfolio holder in KZN with over one million square metres of industrial and commercial space and a pioneer in the development of commercial centres and industrial estates in rural areas.

Isithebe, Ezakheni and Madadeni Industrial Estates are owned by Ithala and operate across a myriad of industries. Collectively, the estates have created over 40 000 jobs, affording up to an estimated 300 000 people in regional areas a livelihood.

“Our capacity-building programmes combine both financial and non-financial support which we believe are crucial to spurring economic development. We therefore, take seriously our role to impact the lives of the people of KZN.” For more information on Ithala visit www.ithala.co.za or
call 031 907 8911.

WOMEN IN SMMES AWARDS 2016

Yamkela Ndabeni (right), owner of Iyamzo Fresh Fashion in Stanger with her mentor, Stella Khumalo (left)

The Top 20 nominees in the “Imbokodo Iyazenzela” Women in SMMEs Awards 2016 were hosted at a two day business skills development workshop in Durban recently.

Yamkela Ndabeni, 28, the owner of Iyamzo Fresh Fashion in Stanger said: “I never imagined I would learn so much in just two days. I really feel empowered as a woman after learning the importance of saving, budgeting personal branding.”

Ndabeni’s mentor, Stella Khumalo (Chief Executive Officer of uShaka Marine World), said: “Twenty of the 30 years of experience I have to share in the business world has been in management positions, which makes me a suitable candidate to develop and empower women.”

Her message to businesswomen is to “stay focused, believe in yourself, network, persevere through challenges and seize the opportunity to grow yourself.”




Ithala Accelerating Business Development And Socio-Economic Empowerment - Pivot

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