Page 85 - KZN Top Business Portfolio 2024/5 - ebook

that the Small Medium Enterprise (SME) sector grows
in KZN. The office he leads forms part of the IDC’s
Small Business Finance unit, and they look at funding
applications up to twenty million rands, from start
to finish. Once an application has been approved, the
IDC then disburses that loan and through its partner-
ship funding model, works together with the SME
to ensure that the business continues to functional
optimally and hopefully expansion, creating much
needed jobs within the province.
One of the key strategies of the office is identifying
existing and new potential industries earmarked for
rapid growth in KwaZulu-Natal markets. To this end,
the IDC has underscored the textiles, clothing, and
footwear industry as a key driver in the KZN economy
given the ease of access to the Durban port for
exports. Other economic sectors supported by the
region include agro-processing, chemicals, plastics,
medical products; wood and furniture products; The IDC, in partnership with the Imbumba Foundation provided
humanitarian aid to over 900 families in Mtubatuba
automotive and transportation; machinery and
equipment; forestry, infrastructure, as well as energy. Commenting on his role, Moodley says, “I’m very
The IDC promotes and supports black entrepreneurs passionate about SME development, especially in
as manufacturers and owners in these crucial sectors my home province KZN. There’s lots of potential
to drive economic growth and inclusive development. and impact in funding businesses. I think overall, my
To further support black industrialists, they co- proudest moment is funding businesses and seeing
invest in projects that also receive support from the them grow organically over a period of time. When I
Department of Trade, Industry and Competition’s drive past any of our clients’ premises, I am proud to
black industrialists’ scheme. Additionally, the Corp- say that these are businesses IDC has funded.”
oration has established its own black industrialist top- The KZN regional office is well networked within
up facility to bridge the shortfall in equity contribution the province of KwaZulu-Natal and has a strong and
where own equity is constrained committed team that is client orientated, focused,
Much of the investment in the province is focused and has an open-door policy. They are there to help
on stimulating localisation, with a view to replace all clients and have strong relationships with other
imports. As an example, in terms of government funding entities in the province. If a project does not
policy, a certain percentage of vehicle manufacturing meet the IDC’s mandate, the KZN team goes the extra
must include using locally produced components. mile to not only refer them to a more suitable funding
The IDC has assisted a number of first and second tier institution but walk the journey with the client to
vehicle component manufacturers in this regard so ensure that they land in the correct hands.
that they can become globally competitive. The IDC is committed to community upliftment drives
“With industrialisation comes development, which through its CSI efforts, particularly in the margin-
includes job creation and localisation. We are alised and rural areas in which they operate. Their
actively focusing on the growth and empowerment community support includes grant funding, in-kind
of black industrialists, and youth and women owned donations, employee volunteering and backing social
businesses,” said Moodley. causes. During the 2024 reporting period, about
75% of the CSI spend went to beneficiaries in rural
In order to strategically drive support for small and areas, predominantly women and youth. KwaZulu-
medium enterprises (SMEs) within the province, the Natal accounted for most of the expenditure due
IDC forms strong partnerships with key stakeholders to humanitarian aid initiatives to support victims
in both the private and public sectors. Through the of floods.
ME-CONNECT programme, they have been able to
drive enterprise supply development. The IDC’s KZN team is committed to working with
entrepreneurs and communities alike to grow the
In the future, special economic zones and industrial province’s economy by providing funding which
hubs will be an area of great interest in expanding will enable job creation and improve the lives of
their reach in the province. its citizens.

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