Eastern Cape small businesses receive millions in advanced loans
CAPE TOWN – A total of 190 Eastern Cape small businesses received R41.8 million in loan advances which facilitated the creation of 359 jobs in the 2018/19 financial year, the Eastern Cape Development Corporation said on Friday.
Announcing ECDC’s 2018/19 annual results on the back of an unqualified audit opinion in 2018/19, chief executive Ndzondelelo Dlulane said the average loan repayment rate was 80 percent in 2018/19.
A total of 359 jobs were facilitated through the loan funding instruments which included 186 youth jobs.
ECDC activities resulted in the facilitation of 3,969 jobs in 2018/19. A total of R23.4 million was advanced to businesses in the services sector, R17.2 million to those in construction, R1 million to manufacturing and R92,000 went to businesses in the agro-processing sector.
“Of the R41.8 million, R19,4 million went to businesses in the Amathole District Municipality and the Buffalo City Metropolitan Municipality. A total of R8.1 million went to those in Alfred Nzo, R6.4 million to businesses in OR Tambo, R4.7 million to those in Chris Hani, R2.5 million in Nelson Mandela Bay Metropolitan Municipality, R611,000 to Sarah Baartman and R50,200 to those in Joe Gqabi.
Source: iol.co.za
