Wednesday, September 4, 2019 – 10:53
The Department of Tourism has announced the opening of the final application window in the current budget cycle for the Tourism Transformation Fund (TTF) and the Green Tourism Incentive Programme (GTIP).
The application window is now open for a period of seven months until 31 March 2020.
All eligible tourism enterprises are urged to submit fully completed application forms within the timeframe and in accordance with the requirements of the TTF and GTIP programmes. Incomplete applications will not be considered.
The TTF is a dedicated capital investment mechanism that was developed in collaboration with the National Empowerment Fund (NEF) to drive transformation in the tourism sector in a more direct and impactful manner.
“It aims to assist small and micro black-owned tourism enterprises to expand and grow with the goal of creating a new generation of black-owned, youth, women and community based tourism operators. All applications and approvals for this programme are managed by the NEF.
“The fund provides a combination of grant funding from the department and debt financing or equity contributions from the NEF to facilitate capital investment in the tourism sector by prospective black investors.
“The grant funding portion from the department is used to reduce the approved loan finance and/or equity contribution by the NEF for tourism projects. The grant component is capped at 30% of the total funding approved by the NEF up to a maximum of R5 million per applicant,” the department said in a statement.
The third and final window for TTF applications in the current budget cycle is open from 2 September 2019 to 31 March 2020.
Applicants should submit their application forms and supporting documents directly to the NEF, who will assess applications for commercial viability and TTF eligibility.