I have been advised as follows:
- The Industrial Development Corporation (IDC) is an agency under the Department of Trade, Industry and Competition (the dtic). The department has not been apprised of Industrial Development Corporation’s motive to move into the SMME wholesale lending.
- As indicated under (1) above, the motive for the move is not known to DSBD. However, sefa has been delivering on its mandate. To date, since its establishment in April 2012, sefa has disbursed R9.5 billion into the South African economy via the Wholesale Lending channel, supporting 629 971 SMMEs and Co-operatives, who in turn helped create and sustain 767 551 jobs.
- The DSBD is currently undertaking a process of merging sefa and Co-operative Banks Development Agency (CBDA) into the Small Business Development Agency (Seda). The establishment of the new entity will give effect to a Cabinet decision to enable and provide for integrated government support (both financial and non-financial) to small enterprises, which are defined as including Co-operatives.