Media Room

Press Releases 2010

IDC focuses on Brits

The Industrial Development Corporation (IDC) today opened a satellite office in Brits, saying that it is fast becoming a growing business hub.

Regional manager David McGluwa says there are so many business opportunities in Brits, which prompted the IDC to have presence. He says Brits is the manufacturing hub of the North West province. “This is in line with our strategy to be closer to our clients. We have a significant exposure in the Brits area and it makes business sense to be closer to our investments.”

“We are looking at manufacturing, franchising, agriculture, tourism and mining. These are the sectors that are most active in the North West province.”

However, he says the effects of the economic crisis are still being felt and the recovery is slow.

In 2008, the IDC launched the established a R6.1 billion to support companies in distress. McGluwa says the fund is specifically meant for businesses that were negatively affected by the recession.

“One of the main aims of this fund is to assist companies that were successful before the onset of the economic crisis to withstand the impact of the recession and have the ability to continue growing once economic conditions improve. So far R3.1 billion has been taken up.”

In Brits, McGluwa says, the IDC will concentrate more on developing sectors outside mining. “Due to its close proximity to Gauteng, Brits offers a lot more opportunities and these should be further explored. We have a total exposure of R382 million, mainly in the mining and agricultural sectors.”

McGluwa says since establishing an office in the province in 2009, the IDC’s exposure has grown to R2.1 billion from R1, 4 billion. “In the last financial year, the IDC approved R669 million to 16 clients creating and saving 10 308 jobs in the province alone.”

“This is a huge development given that we only established presence in the whole province in 2008 and a sure sign that we can understand the local business environment better by being close to it,” he says.

Recently the IDC launched a new ring-fenced short-term finance product, FasTrak. FasTrak is a once-off, non-revolving credit/loan facility, applicable only to clients who have won contracts, tenders and/or orders and have an urgent need for bridging assistance for a limited time frame.

The product seeks to close the gap by promising delivery of the funding and/or guarantees, within 14 days, provided all the information required is at the disposal of IDC’s International Finance Department.

As part of its regional reach, the IDC will be launching satellite offices in Mafikeng, Vryburg and Klerksdorp.

Adds McGluwa: “We want to be close to all our key stakeholders to ensure sustainable economic development.”

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