SA small-business OWNERS to get government support
Amendment to a bill for SA small-business owners could see the establishment of the Small Enterprise Development Finance Agency (SEDFA).
It’s potentially good news for SA small-business owners who need financial support. The Portfolio Committee has opened an important bill for public comment. The bill in question is the National Small Enterprise Amendment and hopes to improve small-business development.
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Business Tech reports that the bill sets out to amend the National Small Enterprise Act. In turn, this will reform the existing Small Enterprise Financing Agency and Small Enterprise Development Agency.
GOOD FOR SA SMALL-BUSINESS OWNERS
These will be replaced with the Small Enterprise Development Finance Agency (SEDFA). At its core, the agency will lend support to SA small-business owners through business advice, development services and investment support.
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“The vision of the SEDFA is to be a leading business development entity that will drive economic transformation and growth. This will uplift the economy through greater access to finance for small enterprises and co-operatives,” says the department.
STATE-OWNED SHARES
According to the proposed bill, SEDFA will be funded by money lawfully appropriated from parliament. This takes the form of income gained through investment, grants, donations and bequests made to SEDFA. Alongside it, the Office of the Small Enterprise Ombud Service will mediate any complaints.
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The Ombud’s role will involve the following:
- “The objective of the Office is to adjudicate and dispose of complaints in terms of this Act in a manner which is procedurally fair, economical, and expeditious and by reference to what is equitable in all the circumstances, with due regard to –
- (a) existing contractual arrangement or other legal relationship between the complainant and any other party to the complaint; and
- (b) the provisions of this Act.
- The Ombud and any deputy Ombud must act independently and impartially.
- The Office of the Ombud must fulfil advocacy functions.”
- The Department added that the Bill also makes certain provisions for the Minister to proclaim that certain practices in relation to small enterprises be prohibited as unfair trading practices.
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