Briefing on the revised 2024/25 Annual Performance Plan of the Small Enterprise Development Finance Agency (SEDFA); with Minister

Video Small Enterprise Development and Finance Agency (SEDFA)  (Revised)  The Portfolio Committee on Small Business Development met with the Department of Small Business Development to discuss its newly merged entity ‘SEDFA.’ SEDFA discussed its targets for the future, and its plans to remedy issues of the previous entities. The meeting was used to introduce the Committee to some of the board members for SEDFA. Ms Stella Ndabeni-Abrahams, Minister of the Department of Small Business Development, said that the National Development Plan gave expression to the jobs necessary to be created and the National Planning Commission (NPC) suggested that if the 11 million jobs necessary to assist the unemployment stats were to be created, that at least 5.8 million SMMEs were required. At that present time, statistics suggested that only 2.5 million jobs were available, too few to assist in the problem. Within the 2.5 million employed people some were struggling nonetheless; thus, the NPC encouraged the NSBD and State to maintain the existing SMMEs while nurturing new ones. That would also require the implementation of instruments necessary to support and nurture small businesses. The Committee was especially interested in the points made by the SEDFA board members regarding turnaround times, fund allocations, digitalisation of services and how the entity was going to progress going forward. The Committee inquired about the non-financial support of the entity. For example, regarding turnaround time for businesses that require a business plan, how long would it take such a business to receive assistance from the entity? The Committee wanted to know how best SEDFA could offset certain export or import duties, and if it could get international businesses to partner where it could manufacture under license so that the training and skills departed would be world-class, as well as world-class equipment and facilities.