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NEF freezes new loans, MAIL & GUARDIAN, Business

Struggling NEF freezes new loans, MAIL & GUARDIAN, Business Page 13

Its funding has run dry, so the empowerment fund is having to turn away entrepreneurs ore than 150 entrepreneurs were turned away this month from the country's biggest black development financier, the National Empowerment Fund (NEF), which has suspended the approval of new projects because of a lack of funds. The NEF, which receives almost 2000 applications from black entrepreneurs for finance every year and has approved more than R5-billion in assistance to entrepreneurs and investors since 2005, is in a catch22 situation. Government and selfsustained funding to the organisation has run dry, but it is legally restrained from canvassing the private sector for funds.


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