What are the main advantages of obtaining a business grant compared to a loan?
The main advantage of a business grant is that it does not need to be repaid, allowing SMEs to focus on growth and development. However, obtaining a grant can be … More
Category Archives: FAQ
How can I increase my chances of getting my funding application approved?
Thorough research of funding sources is essential, along with aligning your application with your business needs and the funder’s criteria. Clearly demonstrate how your business will contribute to job creation, … More
What documents and information are needed to apply for business funding?
A detailed business plan with financial projections is essential. You’ll also need proof of business registration, personal and business tax clearance certificates, and comprehensive market research. Bank statements (typically 3 … More
What types of businesses or activities are typically excluded from grant funding?
Many funding programmes exclude certain sectors or activities. Common exclusions include gambling/gaming, pyramid schemes, loan sharking, sex industries, businesses involved in illegal activities, and the manufacturing of tobacco products. Some … More
What is the NYDA Grant Programme and who is eligible?
The National Youth Development Agency (NYDA) Grant Programme provides financial and non-financial support to young entrepreneurs aged 18-35 to establish or grow their businesses. Funding ranges from R1,000 to R200,000 … More
What are the general eligibility criteria for accessing small business funding?
Qualifying criteria often include being a registered South African company with the CIPC, operating for at least six months to a year, maintaining an active business bank account, and demonstrating … More
What types of funding are available for small businesses in South Africa?
A wide range of funding options exist, including government grants, loans from banks and development finance institutions (DFIs) like the Industrial Development Corporation (IDC) and Small Enterprise Development and Finance … More
What should a business do regarding imports and exports in relation to customs duties and VAT?
Businesses involved in imports and exports must register with SARS as an importer or exporter. They need to ensure that goods are properly declared on the correct tariff classification and … More
What is Capital Gains Tax (CGT) and how is it calculated?
Capital Gains Tax (CGT) is a tax on the profit made when selling an asset. It applies to the disposal or deemed disposal of assets by South African residents (anywhere … More
What are some examples of the deductions or allowances that a business can claim against their income tax?
Businesses can claim various deductions and allowances against their taxable income, including wear and tear (depreciation) on assets like machinery and equipment, allowances on expenditure related to intellectual property (patents, … More