You can get free money from the government in the form of healthcare for households or rehabilitation programs from natural disasters or study grants.
As a business owner, there are ways to get free money from the government. Grants are usually granted to businesses that are in line with the government’s mandate of developing the economy and creating jobs.
Selection criteria can be quite strict and the application process can be intensive. This funding is usually designated for businesses with the necessary BEE accreditation, tax clearance and documentation
In South Africa, the National Youth Development Agency (NYDA) plays a vital role in facilitating access to finance for small businesses. The grant programme starts from R1000 and offers as much as R100 000.
It is designed specifically for young people wanting to start or grow their existing small businesses.
The Manufacturing Investment Programme (MIP) is a reimbursable cash grant that is awarded to local and foreign-owned manufacturers who wish to establish new facilities or expand on existing ones.
Grants are also available through the Small Enterprise Finance Agency (SEFA).
The organisation’s mandate is to foster the establishment, survival and growth of SMMEs and contribute towards poverty alleviation and job creation. Direct loans offered to small and medium sized enterprise are available from a minimum of R50 000 to a maximum of R5 million.
Other grants include:
- National Empowerment Fund
- National Youth Development Agency
- Industrial Development Corporation
- Land Bank.
- Technology Innovation Agency
NSFAS is a financial institution dedicated to helping South Africans become more empowered through education. NSFAS helps individuals by providing them with access to finance to help them meet tertiary education costs. NSFAS provides education grants to individuals who perform well academically.