In a compelling testimony during the recent Gauteng Department of Agriculture and Rural Development (GDARD) National Empowerment Fund (NEF) Agro-Processing Blended Financing Scheme webinar, Quinty Rabophala, managing director of Gauteng-based Veg & More, shared her successful journey through the funding application process, giving invaluable insights for potential applicants.
By Maile Matsimela, digital editor at African Farming
The scheme was officially announced by GDARD MEC Vuyiswa Ramokgopa during herkeynote address at the Gauteng Agro-Processing Convention & Expo at the Gallager Convention Centre in July last year.
Rabophala began her testimony saying, “No payments were made to secure this funding.” This statement underscored the legitimate and transparent nature of the application process, addressing any concerns about corruption or under-the-table dealings.
“I studied the requirements thoroughly and prepared a compliant business plan,” Rabophala explained. Her approach was methodical and comprehensive, showing the importance of understanding exactly what funders expect before submitting an application.
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Documentation and Compliance Journey
Rabophala’s path to approval involved obtaining several critical documents that many applicants often overlook:
- Water use licence: A regulatory requirement that many businesses operate without;
- Audited and reviewed financial statements: Professional financial documentation that shows business credibility; and
- SARS and UIF compliance: Ensuring all tax and employment obligations were current.
“Getting these documents in order was crucial,” she noted. “It shows the funders that you’re operating a legitimate, compliant business.”
A key component of Rabophala’s successful application was securing acceptable letters of intent and offtake agreements. “You need to show that there’s real demand for your products,” she emphasised. “The funders will validate these agreements, so they need to be genuine and realistic.”
The Due Diligence Process
During the due diligence phase, Rabophala praised the support she received from both NEF and GDARD officials, particularly highlighting Lindiwe Shikwambana’s assistance and representation throughout the process. “Having knowledgeable officials guide you through the process makes a significant difference,” she said.
Once approved, Rabophala was impressed by the efficiency of the disbursement process. “After submitting supplier quotes and signing the final agreements, disbursement to suppliers was completed in about three days,” she reported. This quick turnaround time demonstrates the scheme’s operational efficiency once all requirements are met.
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Key Success Factors
Rabophala identified several critical success factors for potential applicants:
1. Compliance first: “Ensure all regulatory requirements are met before applying. Don’t try to sort these out during the application process.”
2. Accurate documentation: “Every document you submit must be accurate and verifiable. Honesty throughout the application is absolutely critical.”
3. Business commitment: “Taking a loan demonstrates your commitment to the business. Remember, this money must be repaid.”
4. Professional preparation: “Treat this like any serious business transaction. Professional preparation shows respect for the process and the funding partners.”
Understanding the Loan Nature
Rabophala stressed an important point that some applicants might overlook: “This is a loan, not a grant. You must demonstrate your ability to repay while growing your business.” This understanding shaped her approach to the application and her business planning.
Throughout her testimony, Rabophala expressed gratitude for the support system provided by both organisations. “The officials were not just processing applications; they were genuinely interested in seeing our businesses succeed,” she said.
Advice for Future Applicants
Based on her experience, Rabophala offered practical advice:
- Start with compliance: Get all regulatory requirements in order first;
- Prepare professionally: Treat the application with the seriousness it deserves;
- Be honest: Transparency throughout the process is essential;
- Understand the commitment: Know that you’re taking on a debt obligation; and
- Use support: Take advantage of the guidance offered by department officials.
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