18 November 2021 - NW2284
Van Dyk, Ms V to ask the Mrs V Van Dyk (DA) to ask the Minister of Sport, Arts and Culture
1. With reference to his department entering into a partnership with the National Empowerment Fund on a Venture Capital Fund for Creative Industries in the 2017-18 financial year, what total number of (a) beneficiaries were successfully assisted and (b) jobs were created; 2. a) what support is given to those persons who have benefited in terms of sustainability, (b) how is the monitoring and evaluation process conducted and (c) what is the success rate? NW2597E
(a) There were 10 beneficiaries that were successfully assisted.
(b) 66 permanent jobs and 5148 temporary jobs were created.
The loans were provided to those applicants whose businesses were still at the pre-investment stage. Non-financial support was provided, so that they could be capacitated at the pre-investment stage of a transaction for their applications to meet the requirements and standards for funding approval. This assisted beneficiaries to become financially sustainable and able to grow their businesses which employ people mainly the marginalised such as black women, youth and people with disabilities. Further than this DSAC and the NEF helped the applicants approach other financial institutions for funds and that also helped them to become financially independent and no longer rely on government grants. (b) The implementing agency NEF was monitored through reports and meeting whilst an evaluation was conducted through a research process with the beneficiaries and employees as respondents. (c) projects were funded for a specific time frame and were successfully implemented for the period of the pilot project.