MEDIA RELEASE: Province's entrepreneurs secure multi-million rand deals through

Entrepreneurs will network with major funders at this year’s Western Cape Funding Fair.

Alan Winde, Minister of Economic Opportunities, said the 2017 Western Cape Funding Fair (WCFF) is set to take place at the Cape Town International Convention Centre on Wednesday, 10 May 2017.

The WCFF is a partnership between the Western Cape Government and Deloitte.

“More than 1 800 entrepreneurs have attended the WCFF since 2015, and over R12 million has been approved to fund entrepreneurs, with a further R30 million worth of deals currently in due diligence phase,” said Minister Winde.

Minister Winde said that for the first time this year, the pitching sessions will not be taking place at the event.

“We’ve taken feedback from past participants, and made changes to ensure that entrepreneurs and funders get the most out of the event. As part of this process, we’ve decided that the sessions will take place after the exhibition. In this way, entrepreneurs and funders have more time to forge valuable connections at the event.” 

Minister Winde said entrepreneurs who participated in the event were more likely to apply for funding. The WCFF has a higher than standard rate of deal flow which currently stands at five in 20, versus the industry standard of one in 10 businesses generally funded.

“A higher standard rate of deal flow speaks to higher business confidence. Entrepreneurs who participate in the Funding Fair process have the confidence to take the next step and apply for funding,” said Minister Winde.

Marius Alberts, Deloitte Western Cape leader, said: “The WCFF is one of my favourite yearly events, I find it immensely satisfying to meet with so many passionate entrepreneurs.

“This year we are expecting an improved level of interest from funders seeking to potentially back those businesses they believe will succeed.”

Minister Winde said the Western Cape Government recognises the power of small business in driving economic growth and job creation.

“The Funding Fair is one of several programmes we have put in place to give entrepreneurs the support they need to grow. Through our Investment Readiness workshops, 80 entrepreneurs have received training in how to correctly package their funding applications to financial institutions. We’re also committed to making it easier to do business in the Western Cape, and our Red Tape Reduction Unit has saved businesses R600 million to date,” said Minister Winde.

To register for and to find our more information about the Western Cape Funding Fair please visit: www.westerncapefundingfair.co.za. Registration is free.