The GEP and the Industrial Development Corporation (IDC) recently announced the opening of applications for the Township Economy Partnership Fund (TEPF). The TEPF is a partnership between the Gauteng Department of Economic Development (GDED), the Gauteng Enterprise Propeller (GEP), and the Industrial Development Corporation (IDC).
Through this fund the GEP seeks to support SMMEs in the township economy of Gauteng in all sectors. The TEPF will also support sectors that have not been previously recognised formally such as the Taxi Economy which includes SMMEs that support the Taxi and commuter industry including retail, upholstery, mechanical services. Another sector of interest is the Backyard Real Estate which includes backyard letting and student accommodation. These sectors have been a mainstay for many livelihoods in townships and it is our mission to help practitioners in these sectors grow into sustainable SMMEs.
The TEPF will also support vulnerable township small businesses that are unable to access funding from private funding institutions, government, and other business support programmes, but at the same time seek to support those initiatives that can bring wide economic impact to the township economy.
The opening of applications follows the conclusion of a three-year corporation agreement between the GDED, GEP and IDC which will see the entities jointly combine, coordinate and leverage their resources towards supporting SMMEs in Gauteng.
The IDC shall be responsible for managing and administering the TEP including the implementing of investment and divestment decisions on behalf of the Fund. The GEP will be responsible for the receipt of application through its online system and regional offices. Visit www.gep.co.za for more information on the fund requirements.