DESTEA extends Industrialization Support Incentive deadline
On May 28, 2021, MEC Makalo Mohale launched the Industrialization Support Incentives aimed at assisting industrialists in the Free State. The incentives are part of an economic transformation strategy to resuscitate and revitalize the provincial economy while ensuring job retention and job creation. The incentives are divided into three (3) categories:
• Established Manufacturers Incentive: To provide established enterprises involved in manufacturing and industrialisation with factory space rental subsidies (R 2million max. per applicant).
• Emerging Manufacturers Incentive: To provide enterprises at the incubation or start up stage, who are in manufacturing and industrialisation, with factory rental subsidies (R 1million max. per applicant).
• Informal Manufacturers Incentive: To provide informal/unregistered manufacturers with factory space rental subsidies, and set-up costs grants to support manufacturing and industrialisation operations (R 300k max. per applicant).
Applications were open from May 31 – June 15, 2021 and applicants were encouraged to apply ONLINE on the Department’s website. The department has since received requests for extension to accommodate applicants who have been working on their compliance. Applications will therefore remain open ONLINE till midnight on June 18, 2021 (Friday).
To qualify, applicants should provide the following;
1. Bankable business plan
2. CIPC Registration
3. South African citizenship
4. Free State resident
5. Central Supplier Database (CSD) registered
6. Valid Tax Clearance
7. Licencing (Business Act no 7 of 1991), where applicable
8. Business Plan or Proposal
9. Financial Statements (12 month’s bank statements)
10. Business must be operational for at least 12 months
11. BBEEE Status Level 1 Contributor
12. Procure locally manufactured products from other SA SMMEs
13. Demonstrate ability to produce own products
Source: Government of South Africa