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## South African Parliamentary Committee Drafting National Bill to Amend Small Business Act 1996

The South African Parliamentary Committee on Trade and Industry, Economic Development, Small Business Development, Tourism, Employment, and Labour has recently made significant strides in drafting a National Bill to amend the Small Business Act 1996.

## Proposed Amendments to Small Business Act 1996

The forthcoming amendments are intended to encompass a wide array of changes to the existing legislation, including but not limited to the deletion, insertion, and replacement of various definitions within the Small Business Act 1996.

## Establishment of Small Business Development Finance Agency

Moreover, the bill aims to introduce the establishment of the Small Business Development Finance Agency, with a focus on outlining the functions and responsibilities of this newly established institution. The agency is expected to provide a mix of financial and non-financial support measures to small businesses and also work towards the promotion of cooperative banking initiatives.

## Creating a Fair Business Environment

In addition to the above, the bill also addresses the creation of a fair business environment for small businesses, with provisions empowering the minister to declare certain unfair business practices as prohibited.

## Call for Public Feedback

As part of the process, the Parliamentary Committee has made a call for written submissions from interested parties and individuals wishing to provide their insights and comments on the proposed amendments. The deadline for submitting written submissions to the Committee is Friday 16 February 2024.

## How AI legalese decoder Can Help

AI legalese decoder can assist in this situation by swiftly analyzing the proposed amendments and the existing Small Business Act 1996. It can identify the specific changes being proposed, highlight the impact on small businesses, and offer insights into the legal and regulatory implications of the new legislation. Additionally, the AI legalese decoder can streamline the process of reviewing public feedback and submissions, helping the Parliamentary Committee to efficiently analyze and consider the diverse perspectives gathered from individuals and organizations.

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