110 Million Rand Approved for Franchising
FINALLY! THE JOBS Fund, an initiative of National Treasury launched in 2010, recently approved a substantial grant amount as part of a fund established exclusively for expansion in the franchise sector. The purpose of this initiative is to assist candidate franchisees who otherwise boast all the credentials to be a worthy business owner and operator, but simply do not have access to sufficient cash or the security typically required by commercial banks.
Empowering these franchisees as business owners is the gateway to the ultimate objective of the fund – creating jobs. Known as the Business Partners SA Franchise Brands Fund, this initiative will be deployed in the market by Business Partners, in their capacity as fund manager while SA Franchise Warehouse is the industry service provider tasked to ensure that participants comply with the rules of the initiative.
Not only does this initiative have the potential to be a powerful job creation mechanism, it is also a very attractive funding solution for aspiring franchisees. Essentially, the franchisees of accredited franchisors will be able to procure an 80 percent loan on super friendly repayment and interest terms.
Through the process SA Franchise Warehouse will render certain evaluation, training and mentoring services aimed at reducing the lending risk, while also assisting franchisors in ensuring better administrative and HR related compliance within funded outlets. Going forward, SA Franchise Warehouse will publish regular updates on the businesses established as a result of the initiative with specific attention to the number of jobs created.
Remember to visit the SA Franchise Warehouse stand at The Business Opportunity & Franchise Expo, taking place the Coca-Cola from 12 to 15 September, where we look forward to sharing more information about our initiatives.
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