Mathews Baloyi, owner of Nippy Avenue Events, went into mask manufacturing during lockdown. Black-owned manufacturing businesses are set to benefit from a newly created fund.The National Empowerment Fund has launched a R150m fund that will support black entrepreneurs in manufacturing.
The state-owned development financial institution's divisional executive for SME and rural development, Nhlanhla Nyembe, said the fund was meant to achieve the NEF's and the government's plan of increasing the country’s"manufacturing capacity which is necessary to achieve inclusive economic growth". "The fund will support companies involved in the manufacturing value chain, focusing on value addition. These include processing of raw materials into inputs for finished goods, conversion of raw materials into finished goods and adding value into semi-finished and finished goods including processing products for consumption."
The NEF's mandate is to promote and facilitate black economic participation through the provision of financial and non-financial support to black-owned and managed businesses. Nyembe said the NEF has been supporting black entrepreneurs to manufacture a range of products including cranes and aerial platforms, railway components, steel wheels and rims, car tracking devices, furniture, cotton fibre, textiles and clothing, sanitisers, medical masks and personal protective equipment, pesticides, condoms, mining components and roof tiles, among many others.
Let's hope the ordinary deserving people of SA will benefit, not some politicians or their children, unless they are deserving, which is hardly ever the case.
Notice how these funds spring up exactly a few months before elections, so we can think that the ANC has had a plan to develop entrepreneurs all along and it hasn't been stealing public funds into a stupor...funny how that works huh?
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