Our 1st quarter results fell way behind expectations and we have a lot of catch up to do in the last 3 quarters of the year. The 2nd quarter is but anything a deal quarter and we need to close gaps in our performance results. I have not confirmed performance numbers so far but, I am positive we are turning the corner despite incessant economic challenges our country is facing. We require each division to develop a catch up plan which will ensure that we improve the current subdued performance indicators.

In the next coming days we will be launching two important Funds which sefa has been tasked to manage. First will be the EU Funding Scheme and we are currently going to the market to find intermediaries that will partner us in implementing the enterprise and supplier programme.EU Fund is a critical confidence booster for sefa and we must make sure we deliver on this with aplomb so that we can position ourselves as the most competitive government owned agency.

We also would be launching the Small Enterprise Innovation Fund (SBIF) which is a portfolio facility aimed at propping up start-up businesses with a focus on youth and women entrepreneurs. This Fund is a partnership between Small Business Development Department, Department of Science & Technology and sefa.

In addition to this there are also plans in pipelines to unveil Blended Finance, a Direct Lending product which is aimed at increasing finance options for SMMEs by way of blending loans, grants and equity.

All of these efforts are aimed at deepening access to finance and to support small enterprises to develop necessary capacity that will allow them to grow and to create jobs. This would require each and every one of us to double efforts if we are to meet all expectations.