President Cyril Ramaphosa approves NSMA Bill - POWER 98.7
To encourage more South Africans to participate in the economy, President Cyril Ramaphosa has given his approval to the National Small Enterprise Amendment Bill, which simplifies the government’s support services for small and medium-sized enterprises.
Biosecurity protocols are in place to control foot and mouth disease“The National Small Enterprise Amendment Act signed by the President amends the National Small Enterprise Act of 1996 to establish a new entity, the Small Enterprise Development Finance Agency, which will incorporate the Small Enterprise Development Finance Agency (SEFA), the Small Enterprise Development Agency (SEDA) and the Cooperative Banks Development Agency (SEDFA),” said the president.
Currently, the Department of Small Business Development is home to the SEDA and SEFA.
Ramaphosa said in addition to fostering the growth of cooperative banking institutions (CBIs), the new Small Enterprise Development Finance Agency will serve as a one-stop shop for prospective business owners.
“The Act also establishes the Office of the Small Enterprise Ombud Service, which may, as part of dealing with complaints, recommend that the Minister of Small Business Development declare certain practices in relation to small enterprises to be prohibited unfair trading.
“Under the new law, the Minister may make regulations setting the criteria to determine the classification of micro, small and medium enterprises as well as any legislation affecting small enterprises.”
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