Page 73 - KZN Top Business Portfolio-eBook 2022

which houses all regional offices, was established to “In response to the unrest and the floods the KZN
streamline offerings and better serve the IDC’s diverse team worked around the clock to ensure that as many
clients, especially those outside of Gauteng. businesses were swiftly put back online and were able
to operate again. We really didn’t close the door on
The realignment process brought about a key focus
on the SME sector and enhancement of turnaround anyone and we tried to take away some of the pain and
times for clients. To reduce the number of touch devastation that both businesses and the community
were experiencing,” explained Moodley.
points, the regional offices now handle funding
proposals up to R20 million from cradle to grave, while The IDC’s post-unrest and flood relief interventions
transactions over this amount are immediately referred not only provided funding, but assisted in ‘building
to the relevant business unit at head office for further business back better’. “Where necessary, old equipment
processing. This process means that the client deals was replaced, which has resulted in greater efficiencies
with the relevant person from day one, significantly and more globally competitive operations. In some
reducing the turnaround time for applications. cases, this intervention allowed not only jobs to be
preserved, but more jobs to be created,” explained
The KZN regional office has a strong and committed
team that is client orientated, focused, and has an Moodley.
open-door policy. They are there to help all clients and In response to the hardships that were being faced, the
have strong relationships with other funding entities IDC further assisted eligible businesses by extending
in the province. If a project does not meet the IDC’s funds at zero percent interest over 12 months which
mandate, the KZN team goes the extra mile to not only was followed by a very low interest rate thereafter.
refer them to a more suitable institution, but walk the Grants which allowed fixed expenses such as salaries
journey with the client to ensure that they land in the to be paid while rebuilding was in progress also largely
correct hands,.“Our responsibility as a development assisted government’s efforts in the recovery and
finance institution is to assist clients. If we can’t assist in stabilising of the KZN’s economy.
line with our mandate, we will pass clients on to other In addition to the business recovery efforts, the IDC
relevant development finance institutes with whom we also has a very strong corporate social responsibility
have very good relationships,” explained Moodley.
programme which also played a huge role in assisting
A recent beneficiary of IDC funding is ARTsolar, which is affected communities, especially those in remote and
South African owned and based in New Germany. The rural areas, to rebuild their lives. Moodley explained,
company, one of two local manufacturers specialising “We have a long history of working among the
in high volume manufacturing of solar panels, has communities of KZN. During the unrest and the floods,
now embarked on a massive upgrade of its production we made sure that the underprivileged communities
facility. The IDC’s investment has resulted in significant affected were given the assistance they needed to ease
employment opportunities created by the Durban- their plight.”
based company and extends within other companies
in the value chain. The IDC’s KZN team is committed to working with
entrepreneurs and communities alike to grow the
Significantly, the KZN regional office played a pivotal province’s economy by providing funding which
role in assisting the province recover from the unrest will enable job creation and improve the lives of
experienced in July 2021 and the floods in April 2022. its citizens.

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