Minister of Tourism Lindiwe Sisulu believes there will be a greater demand for new and diverse tourism offerings, especially those that promote conserving scarce natural resources.
Eligible enterprises can from 1 October apply for the Tourism Transformation Fund (TTF), and the Green Tourism Incentive Programme (GTIP) the Department of Tourism announced on Friday.
The TTF is a dedicated capital investment mechanism that was developed to drive transformation in the sector. It assists small and micro black-owned tourism enterprises to expand and grow, creating a new generation of black-owned tourism enterprises. The programme is implemented and administered by the National Empowerment Fund (NEF).
The TTF 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 GTIP is a resource efficiency grant funding mechanism that assists private sector tourism enterprises to reduce the cost of investing in energy and water efficient operations. The programme is implemented and administered by the Industrial Development Corporation (IDC) on behalf of the department.
As the tourism sector progressively works towards recovery, Minister of Tourism Lindiwe Sisulu believes there will be a greater demand for new and diverse tourism offerings, especially those that promote conserving scarce natural resources.
“Through the implementation of the TTF and the GTIP, we envision creating a sector that is inclusive and sustainable, creating a pathway for new entrants to implement innovative businesses that make tourism thrive. I encourage all enterprises, especially youth and women owned businesses, to apply for both initiatives and contribute to transforming our sector and upholding responsible tourism practices,” Sisulu said in a statement.