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MEC Tau and MMC Mofokeng agree on fast tracking support for small businesses

MEMBER OF the Mayoral Committee (MMC) meets MEC.

MEC Tau and MMC Mofokeng agree on fast tracking support for small businesses

Economic Development in the City of Johannesburg Tom Mofokeng met with Member of the Executive Council (MEC) Parks Tau, as part of the process to address the impact of the recent unrest and the impact of the Covid-19 pandemic on small businesses within the City of Joburg on Wednesday.

The recent unrest amplified the prevalent problem linked to property damage, job losses, and loss of investor confidence.

The property damage affected three of our regions (Region G; Jabulani Civic Centre, Region D; Jabulani Mall, Region E; Pan Africa Mall and Alexandra Mall).

MEC Tau shared Gauteng Government’s approach and immediate set of initiatives that have been approved as part of economic relief for the affected SMMEs.

These were;

* That the Township Economic Development bill has passed EXCO and is being processed by the Gauteng Legislature.

* GEP and the IDC have allocated R100 million from the Township Economy Partnership fund to a rapid deployment for township rebuilding efforts which will be matched by private sector contributions. The intent is to provide funding that will be 50% grant/ 50% loans, with a cap of R1 million for smaller formal businesses in distress, and up to 50k for informal businesses.

“As the City of Joburg, we presented pipeline projects which will need more than R65 million for them to be unlocked which include a package that will support SMMEs, informal traders, co-operatives affected by the unrest, and looting and conversion of city spaces/ buildings to warehouses for SMMEs in the sectors like furniture and furnishings, metal and machinery and appliances,” says the press release.

MMC Mofokeng said: “As the City of Johannesburg, we are ready to cooperate and collaborate in a number of areas that will unlock investment into the City and create much-needed jobs.

We are hopeful that these discussions will continue as we also want to tap into your knowledge MEC Tau.”

Image (MEC for Economic Parks Tau says initiatives to support SMME’s must be accelerated).  

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