South Africa to launch Creative Biz Fund for creative enterprises

The fund follows the CreativeBiz Nexus engagement held in Durban during the previous financial year, where the Department of Small Business Development, the Small Enterprise Development and Finance Agency (SEDFA) and creative-sector stakeholders discussed the business development needs and financing challenges facing creative entrepreneurs.

According to the department, South Africa’s creative economy contributed about R271.2 billion to gross domestic product in 2023 and supported approximately 1.4 million jobs.

The Creative Biz Fund will initially target three areas of the creative economy: clothing, textiles, footwear and leather; music and sound recording; and the wider content economy, including film, television, immersive media and digital media.

The fund is expected to combine financial support with technical assistance, while partnerships between creative-industry stakeholders and financial intermediaries will form part of the approach to addressing financing challenges faced by creative enterprises.

The launch will bring together government officials, creative practitioners, entrepreneurs, industry stakeholders and ecosystem partners. Masterclasses featuring creatives will also form part of the programme, focusing on career development and building sustainable businesses in the creative economy.

Ndabeni is expected to deliver the keynote address and formally launch the fund, outlining the government’s approach to supporting creative enterprises and expanding opportunities within the sector.