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Anglo American Sebenza Fund Project
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Partner name:
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Anglo American Zimele Limited
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Project name:
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Anglo American Sebenza Fund
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Funding round:
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CFP 1
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Funding:
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Jobs Fund grant R250 000 000
Matched Funding R250 000 000
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Website:
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http://www.fundingconnection.co.za
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Window:
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Enterprise development
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Location:
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National
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Partners:
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None
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Problem statement:
South Africa has unacceptably high levels of poverty brought on by equally high levels of unemployment. The extent of unemployment in some parts of the country has resulted in such abject poverty that these areas have been identified as poverty nodes. Small and medium enterprises in these areas are one of the lifelines for these impoverished communities, ensuring the survival of many destitute families. However, these enterprises struggle to access operating and growth capital from conventional sources of finance, severely hampering their economic prospects. The Sebenza Fund seeks to channel its resources into these poverty nodes across the country by helping promising businesses secure affordable loans and enable their businesses to grow.
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Partner(s):
The Anglo American Sebenza Fund will capitalise on Anglo American Zimele’s vast technical experience in enterprise development and will benefit from its knowledge, expertise, processes, corporate governance and control systems.
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Intervention:
The Anglo American Sebenza Fund will support the development of small, medium and micro enterprises (SMMEs), and promote black economic empowerment, entrepreneurship and job creation through affordable access to finance, technical and mentorship support and expertise. The Sebenza Fund plans to establish about 30 new business hubs across all nine provinces to ensure accessibility to emerging businesses in poverty nodes. The hubs support successful applicant black economic empowerment enterprises through a combination of loans and equity funding at affordable rates. The hubs also provide tailored business mentorship and support services to successful enterprises, promoting well-run and growing businesses that will be able to create more sustainable jobs over time.
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Expected results:
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