ECDC announces R50m scheme to boost small black auto businesses

The Eastern Cape Development Corporation (ECDC) has launched a R50-million blended finance scheme to aid emerging Eastern Cape-based micro, small and medium-sized automotive component suppliers, as well as aftermarket service providers. ECDC CEO Ayanda Wakaba says the focus of the Automotive Operator Blended Finance Scheme is to bridge the funding gaps facing small and medium-sized operators owing to resource constraints, lack of a business history, the absence of collateral, the informal nature of their business operations, as well as barriers to market that impact access to opportunities.

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