FNB commits R200m to small business fund
The fund will disburse loans at a fixed interest rate to qualifying businesses with turnovers of between R1m and R50m a year
FNB has committed R200m to its fourth Vumela Enterprise Development Fund, which aims to provide low-cost funding for about 150 small-to-medium-sized enterprises (SME) with the potential to create more than 1,000 jobs.
The Vumela fund four offering is specifically designed to accelerate early-stage businesses with sustainable annual turnover of between R1m and R50m a year and which have majority black ownership. The fund will disburse loans at a fixed interest rate of 5%/year to qualifying businesses, who initially must be part of FNB’s Business Development Support Programmes run in conjunction with Edge Growth...
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