Member Banks
Introducing Banking Association Member
Ithala Development Finance
Corporation Limited
Q&A
Name of bank: Ithala Development Finance Corporation (IDFC)
Limited. The IDFC was established in terms of the Ithala Development Finance Corporation Act, 2 of 1999. The head office of the
Group is located in Umlazi, Durban. The entity is managed by a
board of directors who is supported by an executive team.
Who owns the bank: Ithala Development Finance Corporation
Limited is a wholly-owned entity of the KwaZulu-Natal (KZN)
Provincial Government. IDFC Limited is the holding company and
under it resides Ithala Corporation and a wholly-owned subsidiary
– Ithala Limited. Ithala is a retail financial institution whereas the
corporation is responsible for developmental finance in the form
of debt funding to SMMEs and co-operatives. The Group also has
a subsidiary, the Growth Fund Managers (Pty) Ltd. This is a fund
manager for a fund capitalised by the government and private
sector. The fund offers loans to entities that require funding of more
than R30 million.
Core business: Ithala is a development finance institution operating
within KwaZulu-Natal. The structure at high level is as follows:
Corporation – through business finance – offers financial support
(loans) to SMMEs and co-operatives that are domiciled in the KZN
region. The maximum loan amount is R30 million. Further business
finances offers non-financial support services such as training and
mentorship to SMMEs and co-operatives within the province.
The Corporation, through properties, is the owner of the
largest property portfolio within KZN. Ithala owns Industrial and
Commercial properties. The Industrial property portfolio comprises
of industrial estates in Isithebe (Mandeni), eZakheni (Ladysmith),
and Madadeni (Newcastle). It also owns industrial parks situated
in Durban and Pietermaritzburg. The commercial property portfolio
For further information contact:
Ithala Development Finance
Corporation (IDFC) Limited on
031 907 8611 or visit
www.ithala.co.za
Address: 17 Isilo Drive, Umlazi,
Durban, 4066
consists of shopping centres and office block situated throughout
the province.
Ithala Limited (subsidiary) offers retail banking services such as
deposits, savings and loans, and insurance services.
Target market: The IDFC operates within KwaZulu-Natal. Business
finance supports SMMEs and co-operatives that are domiciled within
the province. Businesses that are not located within the region, but
where the development impact will be in KZN, may be considered for
funding.