The Department of Tourism has urged applicants for the R1.2 billion Tourism Equity Fund (TEF) to be patient, as the dispute over the qualification criteria for the fund would have to be resolved in court.
The department announced its intention to defend the constitutionality of the fund’s criteria in court.
The TEF is managed on the department’s behalf by the Small Enterprise Finance Agency.
The TEF is intended to fund majority black-owned and black management-controlled tourism enterprises (minimum 51 percent) in accommodation, hospitality and related services, and travel and related services, products and initiatives, through a combination of grant funding, concessionary loans and debt finance to support equity acquisitions and new and expansion developments in the tourism sector.
In a statement yesterday, the department called on those who were working with these entrepreneurs to be patient and to…