Launched in 2018, the fund is a strategic mechanism to promote equitable growth and economic transformation. “Through grant funding 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,” stated the tourism department.

 The TTF operates by combining grant funding with debt financing and equity contributions. This approach is designed to make capital investment more accessible for black entrepreneurs.

The fund's impact is being felt across the country. According to the department of tourism in the North West, a specific beneficiary, Kgabo Safaris in the Pilanesberg, a black-owned business, has expanded its fleet and created additional jobs, offering more wild life experiences for tourists. 

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According to TourismRSA, this success story demonstrates how the fund is a catalyst for direct, on-the-ground change. 

The TTF aims to empower a growing number of black-owned and managed businesses throughout the tourism value chain. The fund's concessionary funding is a key component of this strategy, facilitating inclusive growth and economic transformation.

Funding has been approved for numerous businesses across South Africa, supporting a significant number of jobs. Many of these businesses are also majority black-women owned.

Notable successes supported by the fund include ventures in the Northern Cape, such as South Hill Hotel and Nare Hotel. These examples highlight the TTF's role in advancing transformation and fostering growth within the tourism sector in various regions of the country.

Meanwhile, the department of tourism is inviting potential applicants to apply to the NEF, while the TTF is now accepting applications.

OFM