The KZN Growth Fund Agency (KZNGFA) has reaffirmed its commitment to stimulating economic growth in the province by enhancing its stakeholder engagement efforts. At the heart of this initiative is the agency’s drive to support black-owned businesses requiring funding between R20 million and R100 million. By providing financial assistance to businesses in key sectors such as manufacturing, mining, agricultural processing, tourism, healthcare, transport and logistics, education and energy, the KZNGFA is actively contributing to job creation and economic development in the province.
The recent stakeholder engagement event brought together partners, suppliers, funded projects and potential fund applicants from across these industries, demonstrating the KZNGFA’s dedication to empowering entrepreneurs and streamlining access to funding. This engagement was crucial in educating potential applicants on the various types of funding that can be accessed through the KZNGFA, and showcasing the innovative online application portal designed to simplify and accelerate their journey towards securing investment.
The KZNGFA’s focus remains on identifying and funding existing businesses that can make a tangible impact on KwaZulu-Natal’s economy. The agency is particularly interested in enterprises that are majority black-owned, ensuring that previously disadvantaged groups have access to the necessary resources to scale and expand their businesses.
“Stakeholder engagement is at the core of our strategy to fund more projects and create more jobs in 2025,” said Ms Bongiwe Dlamini, on behalf of the board of directors of the KZNGFA. “Our mandate requires us to identify and support those businesses that will drive inclusive economic growth and provide sustainable employment opportunities for the people of KZN, and this engagement is one of the steps towards fulfilling that requirement.”
Through rigorous selection criteria, the KZNGFA ensures that approved businesses align with the province’s broader economic objectives. By prioritising high-impact industries, the agency is not only promoting business development but also addressing the urgent need for job creation, particularly for those currently unemployed.
One of the key highlights of the stakeholder engagement event was the demonstration of the KZNGFA’s online application portal. Designed to simplify the application process, the portal offers a seamless, user-friendly experience that reduces bureaucratic hurdles, enabling faster and more efficient funding decisions.
“Our goal is to make 2025 the year of the applicant,” Mr. Nhlapo emphasised. “By leveraging digital technology, we are removing barriers to entry and making it easier for businesses to access the funding they need to thrive. The online portal is a game-changer in our mission to fund more projects and drive economic transformation.”
Attendees were guided through the portal’s functionality, and left with a powerful call to action to commence their funding journey as soon as possible.
Beyond the digital innovations, the stakeholder engagement event provided a crucial platform for dialogue between the KZNGFA and the businesses it seeks to support. The event featured insightful discussions on funding challenges and opportunities, fostering a deeper understanding of how the agency can better serve its stakeholders.
KZNGFA’s strategic partners shared valuable insights and reaffirmed their commitment to working closely with the KZNGFA to meet the needs of the applicants in a manner that aligns with economic growth priorities.
The KZNGFA is calling on eligible black-owned businesses to take advantage of the funding opportunities available. Entrepreneurs who meet the criteria are encouraged to submit their applications via the online portal, ensuring they are part of the economic transformation agenda for 2025.
“Funding alone is not enough; it is about ensuring that businesses are equipped to succeed and create sustainable employment,” Mr. Nhlapo stated. “We urge all potential applicants to engage with us, explore the resources available, and become active contributors to the province’s economic future.”
For more information on funding opportunities and the online application process, visit www.kzngrowthfund.co.za