South African Minister notes high level of interest in Tourism Equity Fund

Patricia de Lille, South African Minister of Tourism has expressed satisfaction with the significant interest shown by businesses in the Tourism Equity Fund (TEF). The TEF, an initiative by the Department of Tourism to provide financial support to tourism businesses and facilitate transformation in the sector, has attracted widespread attention since the application process opened in November 2023.

A total of 2,355 requests were received by the Small Enterprise Finance Agency (sefa) on behalf of the Department, demonstrating the high demand among tourism businesses for financial support. Of these requests, 327 applications were deemed fully eligible and submitted to the TEF between November 2023 and April 2024, with the cumulative investment value of the loan applications exceeding R4.5 billion (US$241,4 million).

The Minister emphasised the potential of the tourism sector to deliver transformative projects, as evidenced by the volume and value of funding applications received. Applications are currently at various stages of screening: 69 applications are at the pre-screening stage, 258 have been successfully pre-screened and 138 applicants have already been sent feedback letters. This is reported by the official website of the Department of Tourism of South Africa.

In addition, the distribution of applications by province reflects a broad geographical interest, with a significant number of applications coming from Gauteng, KwaZulu-Natal, Eastern Cape, Western Cape, Limpopo, Mpumalanga, North West, Northern Cape and the Free State.

Minister de Lille emphasised the importance of expediting the application process to ensure that deserving businesses receive the necessary financial support. She assured stakeholders that all due process will be followed, while emphasising the need for applications to be processed in a timely manner.

The Minister's proactive approach to monitoring and facilitating the application process demonstrates government's commitment to supporting and transforming the tourism sector through the TEF.