IDC seeks to fund projects

The Industrial Development Corporation's (IDC) tourism strategic business unit focuses on providing asset-based finance to the sector.

The Industrial Development Corporation's (IDC) tourism strategic business unit focuses on providing asset-based finance to the sector.

Most of its portfolio is invested in the accommodation sector because the unit seeks to contribute to the government's strategy of setting up quality hotels in South Africa and the continent.

But the unit is also interested in diversifying into other sub-sectors of tourism, including cultural and heritage products, arts and crafts.

Any registered tourism enterprise that is commercially viable qualifies for assistance. Projects should be able to help the country's development by showing they can contribute to, among others, job creation.

Businesses must be able to contribute between 40percent and 50percent of the costs. But BEE applicants may apply for a dispensation to contribute less. The IDC only considers projects that will cost it at least R1million.

l More information on the IDC's tourism small business unit and its services are available on its website: www.idc.co.za, by phone at 086-069-3888 or by e-mailing: callcentre@idc.co.za

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