The fund was looking for viable business plans from black-owned enterprises in any of the key sectors of the economy.
The National Empowerment Fund has urged black entrepreneurs to take advantage of various opportunities on offer in the Western Cape and grow their investments across the country.
“Since operational inception in 2005, the NEF has approved 957 transactions worth more than R9.6 billion for black-empowered businesses across different sectors countrywide,” he told an empowerment expo in Cape Town held in partnership with the Western Cape Department of Economic Development and Tourism .
The head of the NEF’s iMbewu Fund, an investment unit dedicated to small and medium enterprises funding, Eldene Govender, said franchising was one of the most effective means of enabling black economic participation because it reduced investment risk due to the training, marketing, operational systems and general entrepreneurial support typically provided by franchisors.
She said to date the NEF had invested R495 million in 89 petroleum service stations owned and managed by black entrepreneurs countrywide which supported 1,825 jobs. Of these, 33 were owned and managed by black women.
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