The Eastern Cape Development Corporation (ECDC) is a dynamic economic development and investment agency in the Eastern Cape. ECDC works with provincial and national ministries, municipalities, chambers, private business, communities and other development agencies to implement the economic development policies of the Eastern Cape provincial government.
ECDC was formed in 1996 by an Act of the Eastern Cape Legislature to plan, finance, co-ordinate, market, promote and implement the development of the Eastern Cape Province and all its people in the fields of industry, commerce, agriculture, transport and finance.
The Eastern Cape Development Corporation (ECDC)
The mission of the Eastern Cape Development Corporation (ECDC) is to promote sustainable economic development in the Eastern Cape through focused provision of innovative development finance and leveraging of resources, strategic alliances, investment and partnerships.
The ECDC Act preamble states that the corporation will plan, finance, coordinate, market, promote and implement development of the province and its people in the fields of industry, commerce, agriculture, transport and finance.
As defined in the shareholder’s compact entered into by the ECDC Board and the MEC for the Department of Economic Development, Environmental Affairs and Tourism (DEDEAT), ECDC’s strategy focuses on it becoming a viable development finance corporation for the promotion of economic growth in the Eastern Cape by stimulating economic activity through focused investment in vital sectors of the Eastern Cape economy; investing in intellectual leadership; optimising all resources to maximise investment returns and attain financial sustainability; building a strong brand; and establishing integrated partnerships with stakeholders to ensure maximum leverage of resources and development outcomes.
ECDC facilitates and supports private sector development in the Eastern Cape through:
- Supporting existing business
- Creating opportunities for new business
- Growing and sustaining existing markets and developing new markets
- Improving access to enterprise finance
Objectives of the Eastern Cape Development Corporation
- Attract new investors and position the Eastern Cape as the investment target of choice
- Stimulate exports
- Facilitate economic development
- Derive value from our assets, including our large property portfolio
- Build existing businesses
- Facilitate start-up businesses.
Services offered by the Eastern Cape Development Corporation
1. Development Investments
The business does not have to be based in the Eastern Cape to qualify. As long as its headquarters are in the province, or it can be proven that the major developmental impact will be felt in the province. Business finance also understands the historical lack of access of small to medium enterprises to finance, therefore ECDC uses adequate management capacity and business viability as a key criteria.
Through short-term and long-term product offering, this is the financial service provider of choice for initiatives that bring a meaningful development impact to the Eastern Cape economy. It facilitates financial viability and sustainability of these initiatives through the provision of financial resources at highly competitive rates.
2. Investment Promotion
The ECDC Investment Promotion Programme can be utilised by potential local or foreign medium to large investors, to take advantage of the Eastern Cape’s compelling proposition when making their next investment. The programme has assisted many investors with identifying and accessing business opportunities within the key sectors of the provincial economy. These investors have leveraged excellent returns on their investments and are enjoying the benefits of investing in a province characterized by positive economic growth.
3. Trade Promotion
The ECDC Trade Promotion Unit located in Port Elizabeth and East London invites export-ready small to medium sized Eastern Cape exporters, particularly previously disadvantaged individuals, to access the opportunities provided by offshore markets. The unit has assisted various businesses access global markets, throughout the province, which have now built profitable and sustainable relationships with their foreign trade partners. The unit aims to ensure growth in the value of exports and providing access to foreign markets for Eastern Cape products. Clients can live the export experience by joining the unit in its annual trade missions to network with prospective clients to foreign countries.
4. Enterprise Development Services
This is for businesses that need skills development support, business advice, information technology support, product and market development and business linkages. The Enterprise Development Programme invites small to medium enterprises to access these business support services provided by its highly qualified staff. Although these services are non-financial in nature, they are often sector and demand-led and necessary in order to be successful in the client’s chosen sector. The programme is committed to providing the client with knowledge and expertise in business development delivered by using sophisticated solutions and best practice. The programme aims to assist emerging businesses access business development services through a network of accredited service providers.
5. Project Development
The unit has helped businesses establish pilot projects that are of a strategic nature, are sustainable and which will serve to generate economic activity. The unit recognises that business ideas need to be nurtured in order to become viable. ECDC provides advice on how to go about establishing projects and consider funding various business-related studies in the form of business plans, feasibility studies and environmental impact assessments. Projects will benefit from the unit’s willingness to explore entrepreneurial ideas, take calculated risks on new ideas, to conduct investigations and in-house professional services.
6. Property Management Development
This service is projected at small, medium, micro enterprise or a labour intensive company in search of suitable industrial and commercial premises. ECDC’s Property Management Unit offers your small to medium enterprise suitable premises at affordable rates through its diverse and substantial property portfolio. Over the years, the unit has provided business premises to the general public, business people and government departments who want to initiate projects. The unit has also been instrumental in providing warehousing and manufacturing space to small businesses.
7. Spatial and Rural Projects Unit
This service provides investment opportunities in the Eastern Cape’s rural areas in terms of development and economic growth of the former Ciskei and Transkei. The Rural and Spatial Programmes Unit assists initiatives or projects that focus on strategic economic development clusters in the province. Its objective is to unlock the investment opportunities in the former Transkei and Ciskei, fast-track government decision making, provide planning advice to municipalities and provincial government departments, project scoping and planning, facilitate active participation of communities, and co-ordinate development efforts in those areas.
The Eastern Cape, a province of vast potential and world-class industrial sectors, is working steadily to overcome the severe underdevelopment it inherited from apartheid, particularly in its large rural areas. ECDC designed interventions to deliver growth, employment and reduce the levels of poverty in the country.
At DTC we understand the complexities of the various funding agencies and the unique application criteria for each. We have assisted thousands of entrepreneurs through the application process to access funding for businesses, and we can assist you with the same.
Contact us for more information on funding through the Eastern Cape Development Corporation.