*Data updated daily at 18:00 EAT
FNB announced a R200 million (USD 11.52 Mn) contribution to the Vumela Enterprise Development Fund, a fund established in 2009 by FNB Commercial and Edge Growth. The three first phases of the Vumela Fund collectively deployed R 404 million and created over 6 500 jobs between 2010 and 2021. This next phase will address two specific gaps prevalent in the SME sector: accelerating early-stage businesses and keeping SA scale-ups in their owners’ hands.
The Vumela Enterprise Development Fund is an innovative model to finance and support black-owned “missing-middle” SMEs, unlocking their potential for sustainable growth and subsequent job creation. Phase 4 will see new, innovative alternative SME financing solutions deployed, aiming to benefit approximately 150 businesses, and create over 1000 jobs. Leading SME and Venture Fund Manager, Edge Growth, will continue to manage all funds channeled through the Vumela Enterprise Development Fund