The chapter evaluates the performance of funded small businesses before and after 1994 to determine the efficiency of grant policies in post-colonial South Africa. The literature is rife with arguments regarding the politicisation and corruption surrounding the funding of small businesses. Certain sections advocate for a new funding formula and enhanced evaluation tools to improve the processes for state-supported grant programmes. This chapter diverges from that argument to investigate whether South Africa’s historical context influences grant policies and the trends in the implementation of government funding, including loans. While pre-colonial literature aids in understanding the historical narrative regarding business funding, data on business performance post-receipt of government support offers intriguing insights into businesses’ perceptions of such assistance. This analysis concentrates on the capability of SMEs to manage their businesses successfully. The key finding highlights the necessity to redesign policies from a privileged perspective to establish a merit-based framework for assessing the effectiveness of South African grant support programmes.