Johannesburg, South Africa – Sasol Siyakha Enterprise and Supplier Development Fund has secured a R20 million credit guarantee facility from the Small Enterprise Finance Agency (sefa) to enable it to service high risk small and medium-sized enterprises.
Speaking at the signing ceremony on this morning, Minister of Small Business Development Lindiwe Zulu said the credit facility is expected to support 10 small, medium and micro-sized enterprises (SMMEs), creating 100 jobs at an average loan size of R2 million.
“It is a fact that small businesses across the globe have been negatively impacted by economic headwinds. As a result, it is discouraging for lenders to provide capital to start-ups or existing businesses,” said Zulu.
She said although this is most likely temporary, this was not a time to turn away entrepreneurs seeking help.
“In fact, this is when small businesses require services of entities such as Sasol Siyakha Fund, sefa and its subsidiaries,” she said.
Established more than 10 years ago, sefa’s mandate is to help reduce poverty and unemployment by increasing access to and provision of finance to SMMEs and cooperatives.
Sasol Executive Vice President: Energy Business, Maurice Radebe, said Sasol’s is committed to enabling small and medium enterprises to be viable and sustainable.
To date, the Sasol Siyakha Fund has invested R130 million in assisting Sasol’s black suppliers to become sustainable
“It is partnerships such as the one we’ve established with sefa that will enable us to play a meaningful role in supporting small businesses that play a critical role in the development of our economy, create the much needed jobs and contribute to the socio-economic development of our communities.”
Each year Sasol invests close to a billion rand in programmes to advance the socio-economic development of the communities in which it operates globally, of which more than 80% of this investment is in South Africa.
In addition to believing that a growing and active SMME sector is vital for helping a healthy and growing economy, Sasol also recognises that it is necessary for broadening economic participation, local content development; and delivering on socio-economic development priorities.
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