Start-up business owners will be able to access affordable loans through a R500 million jobs fund launched in Johannesburg on Friday.
The Sebenza Fund, a collaboration between Anglo American and the Development Bank of South Africa (DBSA), is expected to create 8 000 jobs within three years.
Zimele, Anglo’s developmental arm, and DBSA channelled R250m each towards the fund, which is aimed at boosting businesses owned particularly by young people and women in disadvantaged areas.
The fund provides growing businesses with loans at a preferential 6 percent, with Zimele undertaking surety and ownership of assets until the loan is repaid.
The Sebenza Fund, which means “to work” in Zulu, is an opportunity for mining companies and the government to work together towards finding a solution to unemployment.
“We want to set a good example by partnering with the government and ensuring that locals on the