Of the 112 athletes named in Team South Africa's squad for the Commonwealth Games, only 30 are currently part of the OPEX Programme.
The initiative provides financial and performance support to athletes with the potential of qualifying for and winning medals at major international events.
Speaking to SABC Sport, Hendricks admitted that the number of athletes receiving OPEX support is too low and said he plans to hold discussions with Bidvest, the programme's official partner, to expand it.
"We are chatting to our key sponsor in the Bidvest OPEX Programme, and they were happy with our results last year. We are now negotiating with them to increase that figure."
Hendricks acknowledged that funding remains one of the biggest challenges facing South African sport.
However, he said he could not comment on why athletes such as Benjamin Richardson chose to represent other countries, including Ireland, because he is not familiar with their personal circumstances.
The former squash president also rejected suggestions that SASCOC has failed to support athletes.
"No SASCOC did not have Bidvest Operation Excellence, we then reinstituted that as well as the kit, with Mr Price Sport with their millions that they are pumping towards providing a world class kit. Planet Fitness with their support programmes at their gyms, and of course the National Lotteries Commission - providing us with the incentives. We are doing our best in the context of South Africa's economy to support our athletes."