NEF lifts moratorium on funding for black entrepreneurs, BUSINESS REPORT (Pretoria News)
NEF lifts moratorium on funding for black entrepreneurs, BUSINESS REPORT (Pretoria News)
STATE-backed development funder the National Empowerment Fund (NEF) had lifted its year-long moratorium on new funding for black entrepreneurs, with R950 million now available from existing reserves, it said on Wednesday Philisiwe Mthethwa, the chief executive, said new capital was also anticipated following consultations with the Department of Trade and Industry (dtic) and the Treasury She said the reopened financial support was for start-ups, and for expansion and equity transformation purposes. Rakesh Garach, the acting chairman of the board of directors of the NEF, said in May last year that the development finance institution (DFI) was forced by declining resources and unrealized recapitalization initiatives to declare a moratorium on new applications, while deliberations with the dtic and the National Treasury were underway.
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