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BUSINESS REPORT, NEF blamed for entrepreneur’s troubles

BUSINESS REPORT (Cape Times) Page 19

All EN1'REPRENEUR from Johannesburg says he is financially ruined and his house in Morningside is about to be repmessed. This, he says, is the fault of the National Empowerment Fund (NEF) which underfinanced by R2 million a transacion to purchase a computer bu3iness. Sibusiso Mzizi knocked on the Department of Trade and Industry's door to get help. With not much success from that end, he has now taken his case to Business Report. Mzizi says that instead of athancing him the agreed loan of R7m, the funder paid only the purchase price of R5m – wlich doomed him to failure frcm the beginning. Without the additional R2m, he could no: pay his suppliers. But the NEF denies the charge, saying Mzizi and his coshareholder and wife, who does no: wish to be named, failed to operate the business on sound commercial principles.

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