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Eastern Cape Finance, Economic Development, Environmental Affairs and Tourism MEC, Mlungisi Mvoko, has urged youth in business and young aspiring business owners to make use of the various development finance institutions that government has set up to fund Small, Medium, and Micro enterprises (SMMEs).
Mvoko made the remarks as he delivered a keynote address at the Youth Business Summit hosted by the National Youth Development Agency, together with the National Federated Chamber of Commerce (NAFCOC) in the Eastern Cape, and the South African Youth Council (SAYC).
The summit was held at Mthatha Stadium on Thursday, July 6.
Its purpose was to respond to central questions of optimising business capacity and efficiency, reducing unemployment through active and sustainable businesses, bridging the inequality gap, and eradicating the scourge of poverty in the OR Tambo District.
Development finance institutions such as the Small Enterprise Finance Agency and the Eastern Cape Development Corporation also presented financial support packages offered to SMMEs during the one-day summit.
He further said that government was working on reducing red tape when it came to accessing finance from the development finance institutions.
“As government, we continue to work closely with industry and experts to identify barriers that hinder business growth through the Red Tape Reduction Programme.”
“President Cyril Ramaphosa has established a Red Tape Reduction team that will work in reducing excessively complex rules, regulations, procedures, and processes that inhibited economic growth and job creation in key areas of the economy, and work with relevant role players across government, the private sector and community-based organisations,” added Mvoko.
Eastern Cape Development Corporation board chairperson,Vuyani Jarana, said that the provincial government-owned entity was also making strides to simplify the process and paperwork needed to access funding from the corporation.
