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    SA Technicians Association, Ithala sign MOU to assist entrepreneurs in automotive industry

    Ithala SOC Limited, Ithala Development Finance Corporation Limited (IDFC), and the South African Technicians Association (Sata) will assist black-owned and emerging entrepreneurs in the automotive sector with training skills to become artisans and mechanics. This assistance comes through an MOU between the groups.
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    An agreement by Ithala SOC Limited, Ithala Development Finance Corporation Limited (IDFC), and the South African Technicians Association (Sata) will assist black-owned and emerging entrepreneurs in the automotive sector with training skills to become artisans and mechanics.

    The MOU, which is intended to transform the township and rural economy, is a project of KwaZulu-Natal MEC for economic development, tourism and environmental affairs, Nomusa Dube-Ncube.

    Ithala SOC Limited will support small contractors with financial services ranging from:

    • Retail banking
    • Business banking
    • Insurance products to qualifying suppliers, licensees, service providers/any other qualifying individuals
    • Provide support in relation to enhancing meaningful participation of historically disadvantaged individuals in the automotive repair sector

    Ithala will also be supplying them with SSD machines - ATM self-service - machines and offering free financial assistance.

    Dube-Ncube says: "The agreement will ensure organisations cooperate with one another as strategic business partners in delivering on the shared commonalities within their respective mandates."

    Ithala SOC Limited is a wholly-owned subsidiary of IDFC Limited who will provide access to properties owned by Ithala where service providers in the automotive repairs sector can operate their businesses.

    Sata is a non-profit organisation whose objective is to advocate for the impartial and unbiased allocation of opportunities to historically-disadvantaged automotive service providers, especially in the servicing of the public sector fleet.

    Dr Thulani Vilakazi, CEO of Ithala SOC Limited, said the bank’s primary objectives are to grow the automotive sectors and attract new entrants, especially black contractors who can build businesses and create jobs.

    “An opportunity like this will enable us to grow our customer base and contribute greatly to the empowerment of emerging contractors in the industry. Our main aim is to take every ordinary South African through a journey of wealth creation, hence we don’t see Sata members as business associates but as partners,” concludes Vilakazi.

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