The Industrial Development Corporation (IDC) was established in 1940 and is a self-financing, self-sustaining, state-owned national development finance institution. The primary objectives are to contribute to the generation of balanced, sustainable economic growth in Africa and to the economic empowerment of the South African population, thereby promoting the economic prosperity of all citizens.
The IDC achieves this by promoting entrepreneurship through the building of competitive industries and enterprises based on sound business principles. Supporting industrial development capacity and promoting entrepreneurship are therefore key objectives of the IDC. The IDC funds start-up and existing businesses up to a maximum of R1 billion.
The IDC also has a number of special schemes available, administered by the Development Funds Department. The schemes, which have various concessions, have targeted developmental mandates addressing areas such as job creation, youth and women empowerment, funding of innovation, and increasing the competitiveness in manufactured goods.
The Gro-E Youth Scheme
The Gro-E Youth Scheme funds businesses with high job-creation potential and owned by people under the age of 35, as well as provides business support for these businesses through the National Youth Development Agency (NYDA).
Support Programme for Industrial Innovation (SPII)
Support Programme for Industrial Innovation (SPII) funds the development of new technologies by South African companies.
Manufacturing Competitiveness Enhancement Programme (MCEP)
The Manufacturing Competitiveness Enhancement Programme gives manufacturers under SIC 3 access to affordable working capital facilities, and stimulates new or under-developed manufacturing sectors.
The Transformation and Entrepreneurship Scheme (TES)
The Transformation and Entrepreneurship Scheme (TES) aims to assist entrepreneurs from marginalised groups to access the formal economy. It encompasses the Women’s Entrepreneurial Fund, People with Disabilities Fund, Development Fund, Community Fund and Equity Contribution Fund.
Agro-Processing Linkages Scheme (APL)
Agro-Processing Linkages Scheme (APL) assists with linking established agro-processors with resource-poor farms.
Clothing and Textiles Competitiveness Programme (CTCP)
Clothing and Textiles Competitiveness Programme (CTCP) improves the competitiveness of the local clothing and textiles sector.
Clothing, Textiles, Leather and Footwear Competitiveness Scheme
Clothing, Textiles, Leather and Footwear Competitiveness Scheme funds local players to upgrade their plant and equipment to become globally competitive.
Gold Loan Scheme
Gold Loan Scheme supports South African gold jewellery manufacturers with working capital requirements.
Pro-Forestry Scheme supports new forestry and transformation projects.
Apply through Funding Connection
At Funding Connection we understand the complexities of the various funding agencies, and the unique application criteria for each. We have assisted numerous entrepreneurs through the application process to access funds like this for business growth, and we can assist you with the same.
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