Industrial Development Corporation (IDC) traces its history back to 1940 as a national development finance institution constituted to spearhead economic growth and industrial development around the country. Operating under full government control, this giant institution has been tasked with the creation of balanced, sustainable economic growth and being the primary source of commercially sustainable industrial development and innovation to benefit South Africa and the rest of the continent.
IDC business units are split into three divisions which are mining and manufacturing sector, agro-processing and new industries as well as services industries. Agro-processing and new industries are further broken down into agro-industries, green industries, strategic high impact projects and venture capital.
Mining and manufacturing industries are composed of chemicals and allied industries, forestry and wood products, metals, transportation and machinery products as well as textiles and clothing. Services industries covered are information communication technology, healthcare, media and motion pictures and tourism.
IDC carries out its mandate bt funding entrepreneurs starting new enterprises or supporting companies that want to extend existing operations.This corporation provides funding up to a maximum of R1 billion and debt amounts offered go up to R1 million.This funding can be structured in a number of ways such as equity and quasi-equity, guarantees, trade finance and venture capital.
To qualify for this funding, a business house must comply with international environmental standards, shareholders or owners are expected to make some financial contribution, the project or business must exhibit economic merit in terms of profitability and sustainability. IDC does not refinance fixed assets since the aim is to expand industrial base and special focus is also given to broad-based and expansionary black economic empowerment and black industrialists.
Industrial Development Corporation (IDC) can be contacted on 0112693000.