Anglo American’s Sebenza Fund, which is the fifth fund in the globally recognised Zimele stable, will channel a total of R500 million into communities throughout South Africa, particularly poverty nodes, with Anglo American and DBSA each contributing R250 million. Sebenza, which means ‘to work’ in isiZulu, expects to create 8,000 new sustainable jobs and support 1,600 SMEs over the next three years, building upon Zimele’s existing commitment to create and sustain 25,000 jobs by 2015.
The Sebenza Fund is modeled on the successes of Zimele’s other Funds and will create 30 new business development hubs across South Africa. As a result, Zimele will then have more than 54 hubs nationwide, providing entrepreneurs with access to affordable finance and on-going business development support (BDS) and mentor-ship.
This Fund will provide loans to existing businesses and start-up entrepreneurs at a preferential annual interest rate of 6%, with Zimele undertaking guarantees and ownership of assets until the loan is repaid. In line with the Zimele model, on-going mentor-ship and training will be available to all beneficiary companies.
Zimele has already achieved demonstrable success in collaborating with the South African government, through the Anglo American Sefa Mining Fund. This Fund, which was set up more than nine years ago, also as a public private partnership, manages funds of R200 million. Services
At the outset, our involvement is intensive as we aim to engage with our investee companies.
Assistance in developing business plans
Provision of finance for the acquisition of assets and working capital
Assistance with company formation and provision of ongoing company secretarial and administrative services
Assistance with marketing the business to our business units specifically for supply linkages, market development and expansion
Provision of ongoing strategic, operational, financial and business support through representation on the board in a non-executive capacity
Access to our disciplines, such as technical, legal, employee relations, human resources, public affairs and media relations
Flexible finance depending on new sustainable job creation. Zimele representatives at the small business development hubs will evaluate business plans and provide advice on how to run a successful business. Find out about the Sebenza Fund’s evaluation criteria and application processes.