South Africa drafts a bill to support small businesses

The South African Parliamentary Committee on Trade and Industry, Economic Development, Small Business Development, Tourism, Employment and Labour has drafted a National Bill to amend the Small Business Act 1996.

It is intended to be amended to delete, insert and replace various definitions. This is reported by Prensa Latina, a partner of TV BRICS.

According to the committee, the bill also seeks to establish the Small Business Development Finance Agency and to define the functions of the new institution. It is expected to provide financial and non-financial support measures and promote co-operative banking.

In addition, according to the source, the bill provides for the creation of a fair business environment for small businesses and gives the minister the power to declare certain unfair business practices prohibited.

The Parliamentary Committee "requests interested persons and parties wishing to comment" to send written submissions to the Committee by Friday 16 February 2024.

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