Speaking at a two day Broad-based Economic Empowerment (BEE) summit in Johannesburg, President Jacob Zuma said his country is ready to further boost its economy, this time by opening the doors to more black industrialists. Zuma said his government is planning to provide mentorship programs and financial assistance to previously disadvantaged black businesses.
Addressing delegates at the BEE, President Zuma also said the current BEE Act has been amended to ensure that black businesses have the same opportunities as their white counterparts.The privilege every loan shark knows;
The BEE national summit aims to evaluate progress made and chart the way forward for the next phase. However, BEE delegates said bureaucracy is among a number of challenges facing the black empowerment program. It is still very difficult for them to access financial assistance from the government.
They also pointed out that the $4,000 required for small businesses to be granted BEE status was a huge setback.Or, kickback. Depends on your point of reference.