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The Tourism Transformation Fund (TTF) is a dedicated capital investment funding mechanism established by the Department of Tourism in collaboration with the National Empowerment Fund (NEF) and focusses specifically on financial support for black entrepreneurs investing in projects in the tourism sector. The TTF aims to drive transformation in the tourism sector in a more direct and impactful manner that will not only assist black-owned tourism enterprises to expand and grow, but also to catalyse the rise of a new generation of black-owned tourism enterprises to propel the tourism sector to greater heights.
The TTF provides a combination of grant funding, debt financing and equity contributions to facilitate capital investment in the tourism sector by black entrepreneurs. The grant funding portion is used to reduce the approved loan finance and/or equity contribution by the NEF, where commercial viability of the tourism project has been established.
Through the partnership, the NEF is responsible for administering the TTF, including the receipt and processing of all applications.
The pilot phase of the TTF which opened in May 2018, went through a review process in 2021 which led to an increase in the grant funding provided to successful applicants and also the consideration of projects funded by other Development Financial Institutions (DFI's).
The Department's grant contribution for approved applications, is limited to 50% of the total loan finance and/or equity contribution approved by the NEF and is capped at a maximum of R5 000 000 (Five Million Rand) per beneficiary.
Co-financing tourism transactions between the NEF and/or other accredited Development Finance Institutions (DFI's) is allowed under the Fund. Any such arrangement needs to be agreed to by the NEF.
Applications for the revised TTF are open from
1 October 2021 and the Department of Tourism invites prospective applicants to submit applications
to the NEF.
Prospective applicants are advised to be wary of people purporting to be representatives or agents of the programme.
Please note that the NEF and the Department of Tourism have not appointed agents or consultants to assist enterprises with the preparation of applications. The use of, and payment of any fees to consultants to assist with an application, is at the discretion of the applicant.
For more information, refer to the
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