Informal Economy Development Forum Launches the “Grow” Campaign for Informal and Micro-Businesses in the Cape Metro District

Cape Town, Monday, 10 July 2023 – The Informal Economy Development Forum (IEDF) is thrilled to announce the launch of its groundbreaking “Grow” campaign, aimed at empowering and supporting informal and micro-businesses in the Cape Metro District. The campaign, which is part of IEDF’s ongoing efforts to foster economic growth and inclusivity, will provide a significant boost to entrepreneurs operating in the informal sector.

The informal economy plays a pivotal role in driving local economies and providing livelihood opportunities for a substantial portion of the population. However, these businesses often face numerous challenges, including limited access to resources, financial services, and market opportunities. Recognizing the potential of the informal sector, IEDF has developed the “Grow” campaign to address these barriers and create an enabling environment for sustainable growth.

 

 

Key Objectives of the “Grow” Campaign:

Access to Finance: IEDF aims to facilitate access to financial services for informal and micro-business owners. Through strategic partnerships with financial institutions and the government, the campaign will provide tailored financial solutions, including micro-loans and credit facilities.

Business Development Support: The campaign will offer capacity-building workshops, mentoring programs, and skills development sessions to equip entrepreneurs with the necessary tools and knowledge to enhance their business operations and competitiveness.

Market Linkages: IEDF will facilitate linkages between informal businesses and potential customers, retailers, and other value chain actors. This will create new market opportunities and enable entrepreneurs to expand their customer base.

Advocacy and Policy Influence: The “Grow” campaign seeks to advocate for the recognition and integration of informal businesses into formal economic structures. By engaging with policymakers and stakeholders, IEDF will strive to create an enabling policy environment for the sustainable growth of the informal economy.

Technology and Innovation: Recognizing the importance of technology in driving business efficiency, IEDF will introduce digital literacy training and promote the adoption of relevant digital tools to streamline operations and improve productivity.

 

David Venter, Chairman of IEDF, expressed his excitement about the launch of the “Grow” campaign, stating, “We believe that the informal economy represents a vast reservoir of untapped potential. By investing in and supporting informal and micro-businesses, we can catalyze economic growth, create employment opportunities, and promote overall socio-economic development in the Cape Metro District.”

The “Grow” campaign will be implemented through a collaborative effort involving various stakeholders, including government agencies, financial institutions, local businesses, and community organizations.

For more information about the “Grow” campaign and the Informal Economy Development Forum, please visit www.iedf.org.za or contact:

Media Contact:

Keziah Zachariah

Media Manager

Informal Economy Development Forum

Email: media@iedf.org.za

About Informal Economy Development Forum (IEDF):

The Informal Economy Development Forum is a non-profit company committed to promoting inclusive economic growth and sustainable development in the informal sector. Through various initiatives, IEDF strives to empower informal and micro-entrepreneurs, strengthen their businesses, and improve their socio-economic well-being.