Organisation : National Empowerment Fund
Fund Name : Women Empowerment Fund (WEF)
Applicable For : Black Women
Country : South Africa
Website : https://www.nefcorp.co.za/products-services/women-empowerment-fund/
What is NEF Women Empowerment Fund?
The NEF Women Empowerment Fund is aimed at accelerating the provision of funding to businesses owned by black women. The funding starts from R250 000 to R75 million across a range of sectors, for start-ups, expansions and equity acquisition purposes.
Related / Similar Scheme : Mazda Foundation Grants Application
In order to provide for different transactional needs, WEF uses a range of funding instruments that range from secured (senior debt) to unsecured options (equity), and/or a hybrid of the two. Pricing is commensurate with the risk taken and the instrument used.
WEF Funding Requirements
** Minimum of 51% black female ownership.
** Operational involvement at the managerial and board levels by black women.
** Commercial viability of the business case being presented.
** Compliance with all relevant laws and regulations.
** Ability of the business to repay WEF funding.
** Creation of jobs.
** Geographic location of the business is also important with the focus on rural or economically depressed areas encouraged.
** Possibility of co-funding with private or public sector institutions is encouraged in larger projects.
** For property transactions, at least 51% of the annual expenditure of the business to be allocated to majority black-owned businesses
Challenges (or) Market Failures
Facing black business in South Africa:
** Limited own capital,
** Access to affordable capital,
** Limited management skills, including financial,
** marketing and technical expertise,
** Lack of accurate and reliable financial information,
** Poor quality of business plans,
** Lower bargaining power and strong competition from established businesses with entrenched market dominance, and,
** Lack of access to local and international markets.
Document & Information Checklist
Please provide us with the applicable documents as outlined below
1. Application form and Business plan
2. Affidavit from members or directors that they are aware of the contents of the application form
3. Three (3) year audited financials (Income Statement, Balance Sheet, Cash Flow Statement)
4. Five (5) year financial projections (Income Statement, Balance Sheet and monthly Cash Flow Statement) with first year prepared on a monthly basis
5. Recent management accounts (Income Statement and Balance Sheet)
6. Personal Statements of Assets and Liabilities of all the members or directors including those of spouses if person is married in Community of Property
7. Business bank statements for the past twelve (12) months
8. Certified ID copies of all members or directors
9. Registration Documents and all the relevant legal documents relevant to the entity
10. Detailed profile of the Franchisor
11. Details of why the business is for sale
12. Sale Agreement
13. Franchise Agreement
14. Historical financials of other franchises that are similar in size and in similar locations
15. Indication from the Franchisor of how much a new Franchise in a similar location would cost
16. Indication of whether the lease agreement will be ceded to the new company after the sale or a new lease agreement will be signed If lease is ceded, how long will it still run for before renewal? New lease if it is a new franchise.
17. The prospective buyer must have been approved by the franchisor
18. Fica compliance – Proof of residence
19. Detailed CV of principle Applicant
Contact
Stop Fraud, Theft And Corruption
Call: 0800 160 870
Email: information [AT] whistleblowing.co.za