Ithala

Ithala Development Finance Corporation (IDFC) is a financial and property services provider operating in KwaZulu Natal, South Africa.

Its main objective is to drive economic development and empowerment in the province. Established in 1958, IDFC operates under the KwaZulu-Natal Ithala Development Finance Corporation Act.

As a development finance institution, IDFC plays a crucial role in delivering government funding and supporting small, medium, and micro enterprises (SMMEs), especially in rural areas.

Pioneering economic development in KwaZulu-Natal

IDFC has a history of being a pioneer in SMME development and extending banking services to unbanked communities. It has also been instrumental in establishing shopping centres and large industrial estates in remote regions of KwaZulu-Natal, fostering development in those areas.

The corporation is dedicated to contributing to economic growth and enhancing the quality of life for all residents of the province. By leveraging its core strengths, IDFC aims to fulfil its developmental mandate more efficiently and effectively.

Empowering communities and building a prosperous, inclusive society

IDFC's mission is to reduce poverty through the implementation of infrastructure programs, provision of financial services, and fostering economic growth, with a particular focus on rural and township areas.

Its vision is to create a more prosperous and inclusive society, offering opportunities for a better life to previously disadvantaged individuals. The corporation operates with values such as passion, integrity, future focus, respect, and service.

IDFC's objectives: Mobilising financial resources and promoting development in KwaZulu-Natal

The objectives of IDFC include mobilizing financial resources and providing financial and supportive services to the people of KwaZulu-Natal. It plans, finances, and monitors the implementation of development projects and programs in the province.

Additionally, IDFC promotes and encourages the development of human resources, as well as the social, economic, financial, and physical infrastructure of the region. The corporation also facilitates private sector investment and acts as the government's agent for the efficient and effective performance of development-related tasks.

IDFC's leadership: Board of directors and executive management team

The Board of Directors oversees the operations of IDFC, with Mr Sihle Mkhize serving as the Chairman and Mr Chris Gina as the Deputy Chairman. The Executive Management team, led by Ms Pearl Bengu as the Group Chief Executive, is responsible for the day-to-day management of the corporation.

Other key executives include Mr Xolani Mkhize, Ms Tozi Mthethwa, Ms Nomthandazo Mseleku, Mr Khetha Cele, Ms Babalwa Mapisa, Dr Mano Muthusamy, Mr Armstrong Malope, who oversee various functions within the organisation.

Ithala assists small, medium, and micro enterprises (SMMEs) as well as co-operatives in obtaining funding for the purchase or financing of fixed commercial properties.

This support extends to a wide range of property types, including industrial properties, student accommodation, hotel developments (such as bed and breakfast establishments and lodges), and residential developments. By offering financial solutions, Ithala aims to facilitate the growth and success of these businesses within the commercial property sector.

Empowering SMMEs and co-operatives through tailored commercial property finance

The primary objective of Ithala's commercial property finance is to enable SMMEs and co-operatives to acquire or finance properties specifically intended for trading or investment purposes. This assistance is particularly significant for entrepreneurs and businesses aiming to establish a market presence or expand their operations.

Whether it involves procuring industrial properties for manufacturing or storage needs, student accommodation for housing purposes, hotel developments for hospitality services, or residential developments for housing projects, Ithala strives to provide accessible and tailored financing options that cater to the unique requirements of these ventures.

Driving economic development and empowerment through the commercial property finance

Through its commercial property finance services, Ithala actively contributes to the economic development and empowerment of SMMEs and co-operatives.

By facilitating access to capital for property acquisition or financing, Ithala plays a crucial role in fostering growth and enabling entrepreneurs to establish and expand their businesses within various sectors of the commercial property market.

These funding opportunities empower SMMEs and co-operatives to enter the market, create employment opportunities, and contribute to the overall economic development of the region. With its comprehensive range of financial solutions and expertise in commercial property finance, Ithala serves as a valuable partner in supporting the aspirations and ambitions of these enterprises, promoting economic growth and sustainability in the process.