Funding for Business
We continue to assist female black empowerment companies in various industries in South Africa with startup costs. Ongoing financial assistance and infrastructure is provided monthly to assist with the operational costs, including mentoring and business skills.
Anela Agri Enterprise Development Fund
The Anela Agri Enterprise Development Fund provides loan funding at prime less 5% to Grassroots capital which lends to end beneficiaries at prime less 2%, retaining 3% of the loan funding for its costs and risks taken. Prescient Investment Management (Cape Town), a registered financial services provider, administers and manages the fund.
As the funds are distributed directly to a specific emerging black entity, an enterprise development agreement was signed between AEEI and the end beneficiary for a five-year period.
This year, AEEI’s contribution provided financial assistance and technical support from Grassroots Capital to an emerging farmer.
Engelu Enterprise Development (Engeli)
Engeli was established in 2011 by a group of enterprise development specialists who have extensive experience, both locally and abroad. The team consists of skilled and experienced engineers, technologists, business support specialists, lawyers and accountants and provides B-BBEE business solutions which include strategy formulation, marginal cost analysis, design and implementation of B-BBEE interventions (ownership, skills development, enterprise and supplier development, procurement and socio-economic development), transformation and localisation, fund management and capital raising, supply chain development and business incubation, SMME support and skills development.
Engeli is a 51% black-owned and 51% black women-owned company and is a verified Black Fund Manager trading under its Financial Services Board licence.
AEEI contributed funding towards black business incubation during the year.