President Cyril Ramaphosa Signs National Small Enterprise ...
President Cyril Ramaphosa has signed the National Small Enterprise Amendment Bill into law, aiming to bolster support services for small and medium businesses across South Africa. This landmark legislation is a significant step towards broadening economic participation and empowering more South Africans to engage in entrepreneurial activities.
A Unified Support System for Small Businesses
The new Act amends the National Small Enterprise Act of 1996, establishing a consolidated entity known as the Small Enterprise Development Finance Agency (SEDF). This new agency will integrate the functions of the Small Enterprise Development Finance Agency (SEFA), the Small Enterprise Development Agency (SEDA), and the Cooperative Banks Development Agency (CBDA).
Previously, SEFA and SEDA were situated within the Department of Small Business Development. The consolidation into SEDF aims to create a seamless, one-stop-shop for aspiring entrepreneurs, streamlining access to essential services and support.
Promoting Co-operative Banking Institutions
A key feature of the newly established SEDF is its focus on developing Co-operative Banking Institutions (CBIs). These institutions play a crucial role in providing financial services to small enterprises, particularly in underserved communities. By enhancing support for CBIs, the government aims to foster a more inclusive financial sector that caters to the needs of small businesses.
Establishment of the Small Enterprise Ombud Service
The National Small Enterprise Amendment Act also introduces the Office of the Small Enterprise Ombud Service. This office will address complaints and recommend actions to ensure fair trading practices in the small enterprise sector. It has the authority to advise the Minister of Small Business Development on declaring certain business practices as prohibited if they are deemed unfair to small enterprises.
Regulatory Framework for Small Enterprises
Under the new legislation, the Minister of Small Business Development will have the power to make regulations defining the criteria for classifying micro, small, and medium enterprises. This will provide clarity and consistency in how these businesses are identified and supported, ensuring that government policies are effectively targeted.
Government’s Commitment to Small Business Development
The signing of the National Small Enterprise Amendment Bill underscores the government’s commitment to fostering a supportive environment for small businesses. By streamlining support services and enhancing regulatory frameworks, the government aims to empower small enterprises to thrive and contribute to the broader economy.
The Presidency stated on Tuesday, “The National Small Enterprise Amendment Act signed by the President establishes a new entity, the Small Enterprise Development Finance Agency, which will incorporate SEFA, SEDA, and the CBDA. 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.”
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