ANNOUNCEMENT 27 Jul 2021
In July 2021, the National Empowerment Fund announced launching the R150 million Black Business Manufacturing Fund to support businesses operating in the manufacturing industry.
NUMBER OF INTERVENTIONS
South African National Empowerment Fund (NEF), News Release, “NEF announces Fund to support black manufacturers”. Available at: https://www.nefcorp.co.za/wp-content/uploads/2021/07/Media-Statement-NEF-announces-new-Fund-to-support-black-manufacturers-July-2021-FINAL-2.pdf
On 27 July 2021, the South African National Empowerment Fund (NEF) announced establishing the Black Business Manufacturing Fund (BBMF) to support enterprises operating in the manufacturing industry. Funding will be in the form of loans and it is open to all manufacturing sectors. The total budget of the fund is R150 million (USD 10.1 million). The budget is allocated from the Department of Trade Industry and Competition (DTIC).
According to the announcement from NEF, the purpose of BBMF is to support businesses operating in the manufacturing value chain and to help businesses increase their value addition. To qualify for BBMF funding, businesses must be predominantly (minimum %51) owned by black entrepreneurs. Funding will be provided for the purchase of machinery, equipment, and plant; improvement and upgrading of manufacturing processes, and other related activities.
NEF is a public financial entity established to provide financial and non-financial support for black-empowered businesses.