THE Industrial Development Corporation (IDC) says approvals for post-unrest business recovery funding have surpassed R1-billion and will sustain 22 493 jobs.
The agency said the fund was established to help affected businesses in a variety of sectors, including retail, manufacturing and agricultural, recover and rebuild.
The unrest impacted growth, affected job creation opportunities, economic transformation and investor confidence in the domestic economy, IDC CEO TP Nchocho says.
There is still work to be done to bring many businesses to full operations. The IDC is encouraged by the collective effort led by the Department of Trade, Industry and Competition, the National Empowerment Fund and the business community at large, he says.
The IDC cites three examples of businesses approved for funding. KwaZulu-Natal food manufacturer Heartlands Foods, which employs 336 staff, benefited from the IDC’s Post Unrest Business Recovery Fund. Its factory was torched during the unrest, resulting in extensive damage to
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