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Funding And Financial Assistance For SA Women Entrepreneurs

Female entrepreneurs are growing in numbers, but without access to appropriate funding many start-ups will find it difficult to grow their businesses, regardless of whether there’s a man or woman at the helm. Fortunately, access to funds for female entrepreneurs is improving thanks to government and private enterprises.

Nicole Crampton

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In fact, The Small Enterprise Development Agency (SEDA) noted that 72% of micro-enterprises and 40% of small enterprises are currently owned by women. Government and private enterprises have put programmes and funds in place aimed at empowering the women of South Africa.

Starting a business is always a challenging objective, what makes it more challenging is trying to find funding to get your innovative idea of the ground.

Content in this guide

  1. The Isivande Women’s Fund (IWF)
  2. Women Entrepreneurial Fund (WEF)
  3. Business Partners Women in Business Fund
  4. IDF Managers Funding
  5. Enablis Acceleration Fund
  6. The National Empowerment Fund (NEF)
  7. Absa Women Empowerment Fund
  8. The Special Projects and Programmes Unit (SPP)
  9. Women in Oil and Energy South Africa (WOESA)

Funds and Financial Assistance

Here are seven funds and financial assistance programmes as well as two resources for women entrepreneurs in South Africa.

The Isivande Women’s Fund (IWF)

isivande-womens-fund

Isivande Women’s Fund

This government fund aims at accelerating women’s economic empowerment by supplying cost effective, user friendly and responsive finance. The IWF offers support services to improve the success of your business.

It targets businesses that are starting up, expanding, rehabilitating, franchising and those that need bridging finance. The aim of the fund is to create self-sustaining black- and female-owned businesses by offering primary financial and non-financial support.

How to Apply for IWF Funding

Female-owned companies need to meet the following criteria to be eligible:

  1. Your business must be operational for 6 months.
  2. Your business requires early stage capital for expansions and growth.
  3. 50% plus one share owned and managed by women.
  4. Your business requires potential growth and commercial sustainability.
  5. Your business must improve social impact with employment creation.

Contact IWF for funding

  • Businesses that are eligible and need funding between R30 000 and R2 million can submit their application.
  • Apply to the IWF through the IDF website or call +27 (11) 772 7910.
  • Download application forms from www.idf.co.za.

For more information on start-up funding visit this guide.

Women Entrepreneurial Fund (WEF)

The Women Entrepreneurial Fund

The Women Entrepreneurial Fund

The Women Entrepreneurial Fund (WEF) was established by the Industrial Development Corporation (IDC) to support access to entrepreneurial funds for women business owners. R400 million has been set aside for women-owned businesses.

“We need to increase the extent to which women own and manage existing and new enterprises by improving their access to economic resources and infrastructure,” says Meryl Mamathuba, Head of Development Funds Department at the IDC. “This strategy is necessary to create viable opportunities that facilitate sustainable development and empowerment.”

How to Apply for WEF Funding

Women-owned businesses must meet the following requirements to qualify for WEF funding:

  • Businesses must have at least 50% women shareholding.
  • Applications can be for start-ups, expansions or acquisitions.
  • You’ll need a solid, fundable business plan to start or expand within an identified market.
  • Your business plan will need to include financial plans detailing: capital expenditure, working capital requirements, resourcing and operational involvement.
  • You can also be a shareholder with a direct or indirect total net asset base of less than R15 million.

The following sectors are excluded from eligibility to the WEF:

  • Franchising
  • pure acquisitions
  • construction
  • import and export
  • retail
  • primary agriculture
  • property development and consulting services such as recruitment and engineering.

Contact WEF for funding

You can find out more information and access the application form from the IDC website: http://www.idc.co.za/.

For more information on IDC visit this article.

Business Partners Women in Business Fund

Business Partners Women in Business Fund

Business Partners Women in Business Fund

The Business Partners Limited Women in Business Fund is focused on assisting women entrepreneurs with starting, expanding or purchasing an existing business. The Women in Business Fund is aimed at helping women start their entrepreneurial journey on an even footing.

The fund aims to:

  • Increase access to finance for women entrepreneurs
  • Invest in viable women-owned businesses
  • Assist in the growth and expansion of women-owned businesses
  • Contribute towards an increase in the number of successful women entrepreneurs and inspire young females in choosing entrepreneurship as a career option.
  • Facilitate the creation of new jobs and decreasing unemployment and poverty among the citizens of South Africa.

Do You Qualify for Business Partners Women in Business Fund funding?

Women-owned companies need to meet the following criteria to be eligible:

  • Businesses with a minimum of 50% women shareholding.
  • Women entrepreneurs, who wish to start, expand or buy an existing business.
  • Women in operations and management roles in the business.

How to Apply for Business Partners Women in Business Fund funding?

To apply for financing from the Business Partners Women in Business Fund, you will need to submit your business plan to one of its Fund advisors. You can also send your business plan to enquiries@businesspartners.co.za or deliver it to any one of the fund’s offices located country-wide.

Contact Business Partners Women in Business Fund for funding

If you wish to contact Business Partners for further information you are also welcome to submit a finance enquiry online enquiries@businesspartners.co.za and one of their investment personnel will contact you.

Related: How to Write a Funding Proposal

IDF Managers Funding

IDF Managers Funding

IDF Managers Funding

The Identity Development Fund is a leading organisation in developing innovative financial products with the added benefit of being integrated with non-financial support. IDF is focused on unlocking value in the entrepreneurial sector through fund management services for institutional and corporate investors.

This fund is divided into multiple sectors, including:

  • Management funds, which are targeted at entrepreneurial SME investment and development.
  • Advisory services on strategy and implementation of a new project, which is targeted at the development of entrepreneurs.

Financial support is structured on a case by case basis and non-financial support is tailored to the needs of businesses during the various stages of growth, as well as the needs of the entrepreneur.

Do You Qualify for IDF Managers Funding?

Your business needs to meet the following criteria to be eligible:

  • Black owned and managed (51% or more); or
  • Black women and managed businesses (51% or more); or
  • Black youth owned and managed (51% or more)

Investment criteria

IDF Managers are focusing on the following industries to help you diversify your portfolio:

  • Manufacturing
  • Wholesale and retail
  • Tourism
  • Agro-processing
  • Mining and infrastructure related services
  • Healthcare services
  • ICT
  • Construction
  • Transport and Logistics
  • Other productive sectors
  • Supply chain linked opportunities

Excluded industries

The following sectors are excluded from eligibility to the IDF Mangers Fund:

  • Speculative real estate
  • Non-commercial ventures (NPO)
  • Businesses deriving revenue from gambling, liquor, military or illegal activities
  • Businesses not socially responsible or adverse to the development of small businesses
  • Agencies
  • Primary farming
  • Replacement finance
  • Professional services

Contact IDF Mangers Fund for funding

To apply for capital, please visit http://www.idf.co.za/entrepreneurs.php# and download the application form at the bottom of the page. Once the application form is completed you can email it to info@idf.co.za.

Related: 10 Tips for Finding Seed Funding

Enablis Acceleration Fund

enablis-acceleration-fund

Enablis Acceleration Fund

The Enablis Acceleration Fund is a partnership between Enablis Financial Corporation SA (Pty) Ltd and Khula Enterprise Finance Limited. It is currently capitalised at R50 million.

Its aim is to improve access to SME early stage funding, while reaching out and supporting SME’s that are developing in remote or rural areas with a view to creating new sustainable jobs that alleviate poverty and reduce unemployment.

This acceleration fund offers equity and debt instruments over loan periods no longer than 60 months.

Do You Qualify for Enablis Acceleration Funding?

Those eligible for this acceleration funding must meet the following criteria:

  • South African SMEs that are accredited by the Enablis Entrepreneurial Network.
  • Black and women entrepreneurs for start-ups and the expansion of a business.
  • SMEs involved in all sectors, specifically ICT, transport, tourism, agriculture and services industry.
  • SMEs that need working capital and or asset finance.

How to Apply for Enablis Acceleration Funding

To become a member and start on your journey with Enablis, visit the Join Enablis section at http://www.enablis.org/ and fill out the application form. You will be contacted by the appropriate chapter manager.

Contact Enablis Acceleration Funding for funding

The contact details for the person in charge of enquires for South Africa are:

  • Name: Ebenise Bester
  • Contact: +27 21 422 0690 (CT)
  • E-mail: bester@enablis.org
  • Address: Suite 202 Sir Lowry Studios, 95 Sir Lowry Road, Cape Town, 8001

Related: Government Funding and Grants for Small Businesses

The National Empowerment Fund (NEF)

The National Empowerment Fund (NEF)

The National Empowerment Fund (NEF)

The National Empowerment Fund is a government agency that is set up to provide capital for black economic empowerment transactions. Although this isn’t specifically a female-focused entrepreneur fund, it does cater for black women and aims to empower them to become part of the entrepreneur society.

The NEF is a driver and a thought-leader when it comes to promoting and facilitating black economic participation through the provision of financial and non-financial support to black empowered businesses, as well as by promoting a culture of savings and investment among black people.

Do You Qualify for The National Empowerment Funding?

The main investment areas for this fund are construction, information and communication technology and media, as well as food and agro-processing sectors. While these sectors will be favoured, it doesn’t mean other sectors are not eligible for funding.

This fund is also specifically targeted at BEE candidates and consequently will not be available to other candidates.

How to Apply for the National Empowerment Fund

Whether your business is a start-up or an existing business, every applicant must fill in an application form once you understand the NEF requirements and identify products that suit you. The application serves as a screening document. After this you’ll need to draw up a comprehensive business plan.

Contact the National Empowerment Fund (NEF)

For more information and insights into the fund:

Fore more information on NEF funding visit the guide here.

Absa Women Empowerment Fund

absa-women-empowerment-fund

Absa has positioned itself to assist with the empowerment of females by introducing the Women Empowerment Fund. This loan offers a minimum of R50 000 to a maximum of R3 million with a maximum loan of five years and a monthly reducible overdraft.

The Women Empowerment Fund has been designed so that 70% of the loan is paid directly to suppliers and the interest rate is linked to the prime lending rate. The loan will also be structured according to the associated credit risk of the entrepreneur and their business.

If you’re a businesswoman with the skills and expertise to make a success of your business and your loan application has been turned down because you did not have enough security, then you may be eligible for finance though Absa’s Women Empowerment Fund, depending on your businesses’ capability to repay the loan.

Do You Qualify for Absa’s Women Empowerment Fund?

Those eligible for this acceleration funding must meet the following criteria:

  • You are a South African woman permanently residing in South Africa.
  • Your business is a Small to Medium-sized Enterprise (SME) as defined by the Department of Trade and Industry (DTI) – including new start-ups, existing businesses, franchises and businesses switching from other banks, subject to Absa Credit approval.
  • You do not qualify for a traditional business loan under normal banking criteria due to poor credit records (must be justifiable).
  • The business’s major shareholder (more than 66%) is fully involved in the day-to-day operation of the business.
  • You have the skills and, or, expertise relevant to your business and the industry or sector.
  • You have a well-researched business plan.
  • Your business can show profitability through historical financials or a realistic cash flow forecast.
  • You operate in an approved industry (ask ABSA’s consultants about the sectors and industries that do not qualify).
  • You require repeat loans, but only once the initial loan has been repaid in full.
  • You need a loan of between R50 000 and R3 million with a maximum loan term of five years and monthly reducible overdrafts.
  • You can show evidence of a revenue stream, i.e. letters of intent. (Purchase orders)
  • The main business transactional account is held with Absa; no split banking is allowed.

The following conditions mean you will be unable to receive funding for ABSA’s Women Empowerment Fund:

  • Non-South African citizens
  • Money raising ventures
  • Enrichment
  • All trusts, public companies, section 21 companies
  • Commercial and Residential property finance

How to Apply for Absa’s Women Empowerment Fund

You will find more information and the application form on the website here.

To apply for funding complete the application form and bring it to your nearest Absa branch, along with the relevant supporting documentation listed on the last page of the application form.

Contact the Absa Women Empowerment Fund

For more information and enquiries into the fund contact ABSA on their support centre line: 0860 040 302.

For more information on ABSA Enterprise funding read this guide.

Resources and support

Government and successful women entrepreneurs have realised there is a gap in education for female entrepreneurs and have started to create support programmes where female entrepreneurs can find out exactly what they need to be successful within a specific sector or business. 

The Special Projects and Programmes Unit (SPP)

The Special Projects and Programmes Unit (SPP)

The Special Projects and Programmes Unit (SPP)

The Special Projects and Programmes Unit (SPP) within the Programme Analysis and Development (PAD) of SEDA, has an arm that focuses on projects specifically for women.

The SPP is supporting women so that they are hindered less by negative prevailing socio-cultural attitudes, gender discrimination or bias and personal difficulties.

The Special Projects and Programmes Unit is a platform where women can educate themselves about all the various aspects of becoming an entrepreneur. This resource also provides women with information on additional funding sources.

Contact the Special Projects and Programmes Unit (SPP)

For more information and enquiries into the programme:

Related: Support for Highflying Entrepreneurs from Specialised SEDA Programme

Women in Oil and Energy South Africa (WOESA)

Women in Oil and Energy South Africa

Women in Oil and Energy South Africa

The WOESA Group of businesses is focused on facilitating and promoting business for, and enhancing, the participation of South African women in the oil and energy sector.

WOESA offers services to its member companies, organisations and individuals that focus on developing a knowledge base and building capacity amongst women through education and training.

The group facilitates access to business opportunities and conducts advocacy work for women, by assisting them in drafting legislation and policies. WOESA also aims to assist women with access to funding and investment.

WOESA provides specific services to enhance female participation in the oil and energy sector. These services include:

  • Organising workshops and conferences
  • Develop a knowledge base and make it accessible to its members
  • Training
  • Interface between members and business opportunities
  • Networking, lobbying and advocacy
  • Participation in drafting legislation and policies
  • Facilitation of access to finance/funding for business opportunities for women in the oil and energy sector
  • Developing and maintaining an interactive website with information for members only, containing news, legislation, articles, business opportunities, a calendar and more.
  • Recruitment of women in the oil and energy sector.

Contact Women in Oil and Energy South Africa (WOESA)

For more information and enquiries into the programme:

Women are becoming a force to be reckoned with in the entrepreneurial world. To assist them in growing and reaching new markets, government and private business have created funds and resources designed for women. These funds and resources will help women entrepreneurs to become more successful by providing them with both financial and non-financial support.

Funding-for-Black-Entrepreneurs-Free-EBook

Nicole Crampton is an online writer for Entrepreneur Magazine. She has studied a BA Journalism at Monash South Africa. Nicole has also completed several courses in writing and online marketing.

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Support for Women Entrepreneurs

A Great Time To Be A Woman In Business

South Africa’s growing band of female entrepreneurs have many lessons to teach us all.

Morné Stoltz

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South Africa’s growing band of female entrepreneurs have many lessons to teach us all. In our first article in this feature, Marine Louw showed us the power of passion.

In this article, Cresi Heslop offers living proof that opportunities are everywhere – if we can see them and are prepared to seize them. She is building a business by identifying opportunities as they open up and then working hard to exploit them.

“It’s all about using what you have and thinking a bit laterally,” Heslop says.

Heslop and her husband started a youth sports blog in order to provide a motivational platform for a new generation of South African sportsmen and – women. They saw the blog, Heslop Sports, as a labour of love, with no commercial intent. However, spending so much time among athletes did reveal a potential commercial idea: a towel specially designed with sports in mind and that South African athletes could use with pride, especially at international events.

Related: Funding And Financial Assistance For SA Women Entrepreneurs

The result was a new business, Wonder Towel. Its flagship product is a microfibre towel designed to look like the South African flag, supplemented with a range of other microfibre products.

“Microfibre is environment-friendly because it’s so absorbent – it dries easily and stays fresh longer, and it takes less water to wash,” she says. “It’s also super light, thus great for travelling.”

Since then, the business has grown, selling primarily to the travel, beauty, baby and household markets, as well as the sports industry. Much of the selling is done via her online store and agents in Cape Town, Durban and Pretoria – as well as the e-commerce platforms. She singles out Takealot.com which, she says, does a great job in helping small businesses put themselves on the map.

She’s also just signed up a new distributor who is targeting independent schools, and schools with big water-sports teams.

Mentorship provided Heslop with welcomed inspiration and stability. She has built a solid relationship with a businesswoman who she respects enormously, Hendrien Kruger, the head of Inoar SA, which distributes a range of imported Brazilian hair products.

“We met seven years ago and I can turn to her at any point for sensible advice or just a good chat over a cuppa,” she says. “You should find some worthy people who inspire you in your field. They could even be people that you admire from a distance or whose books and lectures have become part of your way of seeing things.”

Because mentorship can play such a positive role, it’s vital that women offer themselves as mentors. Many successful women don’t realise how great an influence they could have on the next generation, starting what she calls a “cycle of future goodness”.

We’ve always heard about the power of the old boys’ club, and how it gives men a head start in business, but says Heslop, networks seem to be opening up.

“Female small-business owners are still in a bit of minority in South Africa, I believe however we are in a wonderful season of change at present,” she says.

Related: How Women Entrepreneurs Can Change the SA Business Landscape

“I recently had dealings with one of South Africa’s oldest and most established suppliers in a particular market sector, and I found them both welcoming and nurturing to an industry newcomer – something for which I am very grateful.”

Of course, entrepreneurs must also learn how to cope with challenges all the time. Heslop says that she keeps strong by sticking to a set of habits and actions. Her religious faith is an important mainstay and she daily affirms her commitment to making a difference, to being alert for hidden opportunities, and to spreading love and respect always.

“At the end of the day it will all boil down to confidence, belief in ourselves, joyous passion and delivering extremely high quality of products and services that will command respect and ensure us our rightful place in our beautiful nation’s economy,” she concludes.

MiWay is an Authorised Financial Services Provider (Licence no: 33970).

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Celebrating Women In The Signage And Printing Industry

The event will take place from 13-15 September at Gallagher Convention Centre.

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Women are increasingly making their mark on the traditionally male-dominated signage and printing industry. For those who want to enter this industry, or want to grow their businesses, the Sign Africa and FESPA Africa expo, co-located with Africa Print and Africa LED, offers many opportunities for entrepreneurs. The event will take place from 13-15 September at Gallagher Convention Centre.

Diane Jacobson, Managing Director at Ellis Lehman Signs, has been in the industry for 25 years, and enjoys being in a career that is dynamic, creative and interesting. ‘No two jobs are identical, and because it is an industry that serves a variety of businesses, it offers exposure to many types of people and companies,’ she said.

Related: Ideas To Start Your Own Business In Signage And Printing

‘I’ve worked with fantastic people and managed very interesting projects, from manufacturing plants to religious institutions, to petrochemical companies to retailers and sports events. I have met wonderful people over the years and have had the opportunity to travel to interesting places. It is an industry that has allowed me to grow my business skills in a creative space.’

Sign Africa candidates

Lehman’s key to success is understanding and servicing the needs of customers. ‘They are the lifeblood of all business. There is so much poor service out there, so doing things better and paying attention to detail and the final finished item sets anyone apart,’ she said.

Printing SA, the official trade federation representing printing, packaging and associated businesses in the industry, has a number of projects to empower women. The organisation runs a screen printing programme, which most recently trained 10 unemployed women from Cottonlands. The programme includes three elements: the theory of screen printing, practical application, and basic business skills that would assist in growing a small business.

A success story from the programme is Eunice Ngwenya, Managing Director of Eunique Printing, who completed Printing SA’s very first screen printing pilot course during 2014. Printing SA recommended Ngwenya to Konica Minolta South Africa.

Eunique Printing, which operates from Konica Minolta South Africa’s Johannesburg campus, has been in business for almost a year, employs three people and prints books, magazines, business cards, calendars, receipt books, brochures, invitations, photographs, as well as offering ring binding and glue binding services.

Ngwenya has always been interested in printing, and had done silk screening on plastic for 25 years. She is glad that she applied for the Printing SA training as it has led her to where she is today. ‘I’ve learnt so much from Printing SA, I wouldn’t be where I am without them, and with the help of Konica Minolta South Africa, I see myself going very far,’ she said.

Related: Celebrating The Multi-Faceted Woman

Sonja Groenewald is CEO of Colourtech Design & Print CEO, which has operated for 26 years. Its main focus is the publishing and education markets. The business has a unique set up as in addition to printing, there is also an in-house dispatch and deliveries division, which helps service 350,000 students.

Being in the printing industry, you’d think technology would be Colourtech’s most important asset, but it’s not. ‘Our staff are our most valuable resource – we consider each and every one of our employees as part of our family,’ said Groenewald.

They are integral to the business’ success. ‘I’ve always told my employees to treat each customer like royalty – whether a client is just popping in for a small pack of business cards, or taking on a major order. Good service is crucial.’


For more information about the Sign Africa, FESPA Africa, Africa Print and Africa LED expo’s, and to pre-register online, please visit: www.signafricaexpo.com/entrepreneur

 

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Celebrating The Multi-Faceted Woman

Fedhealth celebrates #WonderWomen this August for the multiple roles they take on and excel in.

Fedhealth

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Fedhealth celebrates #WonderWomen this August for the multiple roles they take on and excel in. Whether you’re the CEO of a multinational company, the CEO of your home, or managing both, we’ve got plans to cover you every step of the journey — so you can focus on what you do best.

In celebration of Women’s Month, Fedhealth celebrates the strong women in our lives, and the various roles they fulfil with commitment and enthusiasm.

From mothers to caretakers to business owners and mentors, “Sisters are doing it for themselves.” And, since women are the backbone of so many families and communities, women’s health deserves to be cherished, during pregnancy, the childbearing years, and beyond.

Related: Why Donna Rachelson Believes The Secret To Your Business Success Lies With Women

Fedhealth’s family focus recognises the maternal role and how important women are in the family decision-making process. Fedhealth will take care of your family and your children through family-focused plans like Maxima Basis.

Fedhealth’s role in each stage of a Woman’s health

When you are young and single, Fedhealth looks after you by providing the contraceptive benefit

Oral contraception, contraceptive patches and certain contraceptive injections, as well as IUDs, are covered from Risk on Maxima Plus, Maxima Exec, Maxima Standard, Maxima StandardElect and Maxima Basis.

When obtained at a pharmacy, GP or a gynaecologist, the cost will automatically be covered by the Scheme and funded from the Major Medical Benefit.

When you are ready to start a family, Fedhealth has amazing maternity benefits

The experience of becoming a parent is priceless, but sooner or later you’re going to run into the expenses involved with a pregnancy.

The actual cost of pregnancy and childbirth can be steep, especially if you don’t have medical aid. The price tag of a healthy pregnancy can really add up, starting with prenatal care to ensure a healthy baby and a healthy delivery.

You’ll need to visit your gynaecologist throughout your pregnancy. If you have medical aid, prenatal visits and diagnostic tests such as ultrasounds, will be covered. They are generally considered as ‘preventative’ care.

An ultrasound could cost anything between R600 to R800 upwards, while delivery could cost up to R13 000 at a private facility. Every day, scores of women in South Africa scramble to find a medical aid that will cover their pregnancy and childbirth.

Maxima Basis is an excellent medical aid option to consider if you’re thinking of starting a family in the future.

Related: Funding And Financial Assistance For SA Women Entrepreneurs

At the later stages of your health, Fedhealth provides screening benefits

Yes, fifty being the new thirty would be particularly true for those who can afford good health care or have access to good health care.

Because of this, people are staying healthier for longer, and lives are starting later due to longer education times and difficulty finding jobs. People are settling down into careers in their mid to late twenties instead of earlier, making traditionally older ages, like 50, feel younger.

Women should have a general check-up every year, especially as you get older (even if you don’t feel like it yet). Have you scheduled yours?

Protect yourself against some of life’s nastier surprises by learning more about the most commonly misdiagnosed women’s illnesses:

Chronic Fatigue Syndrome: When tasks such as getting ready for work, which usually require an hour take several hours, you may want to look into why. CFS affects women in their 40s and 50s. Women are four times more likely to suffer from this disease than men.

Multiple Sclerosis: Women are three times more likely to be diagnosed with MS, and it generally appears between ages 20 and 40. Having a mother with MS can be the strongest risk factor. Blurred or double vision, fatigue, tingling, dizziness, lack of coordination and tremors are symptoms to look out for.

wonder-women

Fedhealth has a strong social presence and, through the use of its blog, Fedhealth’s team will produce great articles along the #WonderWomen theme, such as women in the workplace, breastfeeding in your lunch hour and celebrating being single. To follow the blog, go to www.fedhealth.co.za/healthy-living-tips/

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