16 Jul IDC Response to False Claims Regarding its Lack of Support to Black Entrepreneurs
The IDC has noted with concern recent social media posts and online conversations falsely claiming its lack of support to Black entrepreneurs.
The IDC’s support and funding to realise inclusivity and assisting businesses in distress is well documented in annual and other public reports. Despite this, IDC continues to notice factually incorrect and unsubstantiated claims devoid of context that assert lack of support.
It is important to appreciate that IDC has a mandate to, among others, advance transformation and greater inclusion of Black entrepreneurs in the economy. This includes women and youth entrepreneurs.
In the last financial year alone, IDC approved R3.1bn worth of funding in support of Black Industrialists, with women-empowered businesses accounting for R2.2bn of this figure. At the same time, youth-owned businesses received R854 million of this amount.
While we acknowledge the current economic adversity exacerbated by the pandemic, as a prudent lender, it is of utmost importance for the IDC to provide funding to the most viable and sustainable businesses. We accordingly ask our clients to use our funding support for its intended purpose. It is also vital for our clients to honour their contractual and repayment obligations to us. Doing so is critical to ensuring sustainable business continuity and job creation.
As a caring partner, we wish to reiterate our support and commitment to all clients.