Ive worked with a client and seda , they are a member of the DTI, on the business leaders growth forum. They do supply funding to formerly disadvantaged business owners, not R1.5mil though.
I cant imagine anyone handing out that kind of money without some kind of return in mind. Why is it when people hear "free money" ( and usually the bigger the sum ) the more likely they are to believe it.
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Yes, SEDA does subsidise business development services on a (usually) generous cost-share basis. However, they don't provide funding directly (i.e. they pay service providers to complete a specific project rather than giving cash to applicant entrepreneurs). Certainly nowhere close to R1.5M. Also, like many government funding agencies, their application management is horrendous so expect long delays before your application is processed & approved (typically a year or so).
SEDA funding is not limited to previously disadvantaged business owners. Any startup / SME can apply. While this is not true of every government agency / program (e.g. the NEF only funds black-owned companies), there are a number of funding options (including non-repayable grant funds) that are available to all.
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