Banks blamed for slow economic transformation – KZN MEC
KwaZulu-Natal Economic Development MEC Siboniso Duma says banks have a hand in obstructing economic transformation.
He was speaking in Pinetown at a vehicle component manufacturing facility marking his 100 days in office.
He says his department, along with state-owned bank Ithala and the KZN Growth Fund, remain focused on assisting businesses with a significant black ownership.
Duma says this, in turn, will help improve employment.
Duma, though, says traditional finance institutions make it difficult to achieve these goals.
"If you are black in particular, they will ask for collateral, something that you won't qualify for. They will give you stories like your account is sporadic.
"Even if it means you can prove that in some instances there is a million that will come, the next month there is R300 000 - according to their definition, that is sporadic. They want consistency."
