Speaker, the Incubation Support Programme, ISP, is one of several initiatives being undertaken by the Department of Trade and Industry, DTI, with the aim of encouraging private sector partnerships to support incubators in order to support, develop and nurture small, medium and micro enterprises, SMMEs.
In line with the National Industrial Policy Framework objectives, of promoting industrialisation that is characterised by equity and broadening participation in the economy by way of increased participation by small businesses, historically disadvantaged individuals and marginalised regions, the ISP will seek to promote South Africa's entrepreneurial development by encouraging greater involvement of established business in mentoring and supporting the development of entrepreneurs with capacity to engage in the productive economy.
The programme operates on a cost-sharing grant basis between government and private sector partners by providing funds to qualified infrastructure and business development services. Programme approval is capped at a maximum of R10 million per financial year, payable biannually. The programme was announced during the International Small Business Conference in September this year. We have already received 60 applications, which will be presented shortly to the adjudication committee.
As I said, it is one of several initiatives. It includes the changes that we are making in the black economic empowerment, BEE, codes of good practice, which are also intended to add support to incubation-type programmes, as well as partnerships with universities and further education and training, FET, colleges around the country, including those in peri- urban and rural areas. One example of the latter is that the department is working with the King Hintsa FET College in Butterworth in the Eastern Cape, which will host a centre of entrepreneurship focused on agroprocessing. Thank you.