NEF backs Power FM, Bizcommunity.com – Biz Community
NEF backs Power FM, Bizcommunity.com – Biz Community
The National Empowerment Fund (NEF), an agency of the DTIC mandated to grow Black economic participation in South Africa, has invested R36,2m to aid the introduction of the commercial radio station Power FM, which has launched officially today, 18 June 2013.
Established by the National Empowerment Fund Act No 105 of 1998, the NEF is a driver and a thought-leader in 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.
Since 2004 to date the NEF has approved funding to a total of 221 black businesses amounting to R5,05bn, and has created an estimated 44,000 jobs, at least 21,5% of the businesses funded are owned by women.
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