13 May DTI Black Industrialist Scheme (BIS) Grant
Posted at 15:34h in Client Advice
- It is best for entrepreneurs to align their applications for funding from the IDC with the request to the dti for the BIS Grant. The main reason is that the dti grant is approved on the basis that co-funding has been raised/obtained.
- The grant allows for the Black Industrialist to claim their approved funds to align with IDC (or other funders) disbursement. The entrepreneur must ensure that they give the DTI 7 days to process claims/disbursements.
- On a case by case basis, the IDC and the entrepreneur can arrange for an escrow account for a limited period not exceeding 3 months. This could be in the case where Letters of Credit are used, or a deposit is required.