The National Empowerment Fund says more black people should own and manage successful businesses if high unemployment and the cost-of-living crisis are to be addressed.
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The NEF says the Economic Distress Fund will offer concessionary business loans as well as equity funding with a maximum interest rate of 2.5%.
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The National Empowerment Fund
(NEF) and the Department of Trade, Industry and Competition have launched an to help black-owned businesses
recover from the Covid-19 induced financial crunch.
The institution said the new
fund, announced on Saturday will offer concessionary business loans as well as equity
funding with a maximum interest rate of 2.5%.
Eligible businesses will be
able to access between R250 000 and R10 million in funding. But they must
provide proof of commercial viability and must demonstrate that the need for