By Nosihle Mthembu
KwaZulu-Natal (KZN) wrapped the Women’s Month with good news for female entrepreneurs and those who wish to venture into business.
The premier of KZN, Thami Ntuli, launched the Women Advancement Fund (KZNWAF), under the theme “Ignite her future: A Catalyst for Economic Empowerment”, at the Inkosi Albert Luthuli Convention Centre in Durban on 30 August.
KZN businesswomen attended the KZNWAF to celebrate the birth of the catalytic, enabling fund.
The director-general in the Office of the Premier, Dr Nonhlanhla Mkhize, who is the first woman to hold the position in the province, said: “This is a fund dedicated to addressing the unique challenges faced by women in business by providing financial resources, mentorships and business development.”
The premier assured attendees that the fund will provide support to women from all walks of life, regardless of the status of the business. “It is my singular honour to unveil the KwaZulu-Natal Women Advancement Fund, where we have set ourselves a target of (making available) R200 million in the current Municipality Gratuity Fund.”
He said that corruption will not be tolerated and no one will use funds for personal gain.
Ntuli added that they will exceed the set amount, because there are private sector investors who will inject additional money into the fund.
Businesswoman Ayanda du Toit said although women entrepreneurs welcomed the financial support, but they had reservations. ”While the fund is designed to provide financial support to women entrepreneurs, the fact that it primarily offers loans, rather than grants, raises some concerns about its potential impact.
“For women who are already struggling financially or face significant barriers to accessing credit, taking on additional debt might not always be the most empowering solution,” she said.
Du Toit said she believes the fund’s provision of mentorship and business development services alongside the loans could help women grow their businesses and repay the loans more effectively.
