NEF and Solidarity Fund s HCRF establish a R450m SMME support programme
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NEF and Solidarity Fund to provide looted businesses in KZN and Gauteng an additional R450 million in business relief
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Black women entrepreneurs to get a boost from NEF
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NEF launches an Economic Distress Fund
The National Empowerment Fund (NEF) in partnership with the Department of Trade, Industry and Competition (the dtic) has established an Economic Distress Fund to provide concessionary business loans to Black-owned and managed enterprises that are under financial distress as a result of the Covid-19 pandemic to aid their recovery, sustain existing jobs and improve productive capacity , says CEO, Philisiwe Mthethwa.
Photo by Alex Green© from Pexels
“The Covid-19 pandemic has devastated the South African economy and placed the livelihoods of businesses and employees at stake. Black businesses, which historically have been constrained by the lack of access to affordable capital, have been dealt a particularly heavy blow. That is why the Economic Distress Fund will support black companies in accordance with the legislated mandate of the NEF, to mitigate the challenges that have been caused by the ongoing pandemic. Funding will be in the form