LIMPOPO BUSINESS Page 100
The National Empowerment Fund (NEF) has approved over R4.4-billion (October 2012), a milestone which has supported more than 30 000 jobs countrywide.
Established by the National Empowerment Fund Act No 105 of 1998, the NEF is a driver and a thought-Leader in promoting and facilitating black economic participation through the provision of financial and nonfinancial support to black-empowered businesses as well as by promoting a culture of savings and investment among black people.
Funding from R250 000 to R75-million
The NEF is an agency of the dtic mandated to promote black economic participation. Its funding mandate is guided by the Codes of Good Practice on Broad-Based Black Economic Empowerment, as well as by the Industrial Policy Action Plan. The NEF provides business Loans from R250 000 to R75-million across a range of sectors, for start-up, expansion and equity acquisition purposes. A key requirement for NEF funding is for the investees to be directly involved in the operations of their businesses.