The Black Business Council (BBC) welcomes the signing into law, by H.E. President Cyril Ramaphosa, of the National Small Enterprise Amendment Act.

The Black Business Council (BBC) welcomes the signing into law, by H.E. President Cyril Ramaphosa, of the National Small Enterprise Amendment Act.

The National Small Enterprise Amendment Act, which amends the National Small Enterprise Act of 1996, establishes the Small Enterprise Development Finance Agency (SEDFA) through the incorporation of the Small Enterprise Finance Agency (Sefa), the Cooperatives Bank Development Agency (CBDA) and the Small Enterprise Development Agency (Seda) into SEDFA.

This is a very significant and progressive step that streamlines the support services that government provides. It will also reduce red tape for Micro, Small and Medium Enterprises (MSMEs) by creating a one-stop shop. The consolidation of these entities will also strengthen Government initiatives for re-industrialization, funding of small businesses and access to markets.

The National Development Plan envisaged the creation of approximately 11 million additional jobs between 2010 and 2030, identifying that small and expanding firms should be able to create 90 per cent or 9.9 million of those jobs. This noble objective can only be achieved if government visibly and practically supports MSMEs and the BBC views this amendment as a step in the right direction.

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Author: Kganki Matabane from The Black Business Council on behalf of The Black Business Council.