South Africa's 
creative entrepreneurs are set to benefit from R150 million in funding through the newly launched Creative Biz Fund, which combines financing with business development support to help creative businesses grow and become sustainable.
The Fund was recently launched by Small Business Development Minister Stella Ndabeni in Soweto, Gauteng. It will focus on the clothing, textiles, footwear and leather; music and sound recording; and film, television, immersive media and digital media industries.
The initiative follows the CreativeBiz Nexus engagement held in Durban, KwaZulu-Natal, earlier this year, where barriers facing creative entrepreneurs were identified. Developed in consultation with industry stakeholders, the Fund addresses these challenges through support tailored to the needs of creative businesses.
According to figures released by the Department of Small Business Development, the creative sector contributed R271.2 billion to gross domestic product and supported approximately 1.4 million jobs in 2023. This highlights its potential to drive further economic growth and employment.
In her keynote address, Minister Ndabeni said the Fund would seek to expand its reach through strategic partnerships and co-investment.
"The Fund is initially capitalised at R150 million, with the intention to leverage strategic partnerships and co-investment to expand its reach over time," she said.
Beyond financing, the Fund offers sector-specific business development and technical support to help creative enterprises strengthen their operations, protect and commercialise their intellectual property, increase production capacity, meet compliance requirements and access new markets.
Minister Ndabeni said the initiative reflects government's commitment to improving creative entrepreneurs' access to finance, skills, business support and market opportunities to help them build commercially viable enterprises.
Small Enterprise Development and Finance Agency (SEDFA) Board Chairperson, Patrick Makape, reiterated the board's commitment to implementing programmes that respond to the challenges and needs of entrepreneurs across different sectors.
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