In 2008 TransCape decided to initiate an interest-free micro finance project to address the poverty people live with in the rural areas of Eastern Cape. Since then, over 240 businesses have been started.
The unemployment rate in our feeder area is extremely low. This project offers the chance for people living in the communities around Nyandeni to start their own income-generating projects by providing small interest-free loans and business management advice. After completing a business course and submitting a business plan, participants are given a loan of R3000. Community members are asked to repay their loan once they start making profit from their project; the money is then reinvested into the TransCape micro-finance fund. This allows for the project to be sustainable.
Popular businesses are shops, vegetable production, chicken farming, brick making, and buying and selling clothes.
The economic benefit of these projects extends from the people who run them to their families and communities.