KwaZulu-Natal Business 2016-17 edition

INTERVIEW
MASISIZANE FUND
Masisizane Fund:
empowering small
enterprise
BUILDING SUSTAINABLE
BUSINESSES THROUGH
SUCCESSFUL PARTNERSHIPS
Sifiso Myeni, the KwaZulu-Natal Provincial Manager of the
Masisizane Fund, sees huge potential for the growth of
SMMEs, with collaboration of private and public sectors.
Please could you give us an overview of the Masisizane
partnerships with Omnia, Gra
Sifiso Myeni
Fund’s work in KwaZulu-Natal?
Association and municipalities, th
their planting significantly in 2014
Masisizane has invested over R60-million and funded more
channeled
than
towards Grain Co as
50 clients in the province. The Fund’s role is so much more than
The Masisizane Fund (NPC), is an initiative just giving of Old loans Mutual – South a key Africa, component established of our work is helping Masisizane small opera
in 2007 following the closure of the Unclaimed business Shares owners Trust. This to find was done solutions in consultation for ways in which they nationally can grow with it
with the National Treasury of South Africa. The mandate of the Fund at inception was
their businesses. We also work with partners such as the provincial Gauteng and r
and remains to contribute meaningfully to employment creation, poverty eradication
and national government, in addition to their own development offices in KwaZu
and reduction of inequality, economic growth and the attraction of investment. This is
BIOGRAPHY
agencies. Through these relationships we have been able Limpopo, to ensure Eastern
done mainly through promotion of entrepreneurship, enterprise finance and support to
that more resources are being made available to SMMEs. Although
small, micro and medium enterprises (SMME’s).
Western Cape.
Sifi so Myeni is the Masisizane we only have one office in the province, which is located in Durban,
The process to follow when apply
Fund’s KwaZulu-Natal Provincial
Manager. Previously he Some interesting case studies that we are particularly Submit proud the following of documents fo
we cover the entire KZN province and will assist wherever from we the can. Masisizane Fund is:
The Fund provides loan finance in the following sectors:
• Agriculture
relevant provincial office:
was the Head of Agribusiness relate • Manufacturing to businesses such as City of Choice Travel and Tours, which is
• Comprehensive business plan
• Supply Chain
Development and a member of a business that, like many others, started from humble beginnings. projections;
• Franchising
the Old Mutual Masisizane Fund In its early stages this business was operating from a garage • For established yet businesses –
• Commercial Enterprise
three years) and the latest man
Executive Management Team. managing to create a turnover of close to R1-million per annum.
Non-financial value adding services include capacity
• For start-up businesses – financ
His career started in 2000 with Through the dedication of its entrepreneur – as well as the financial
development, business management and technical support,
• Tax clearance certificate;
the SA Sugarcane Research and non-financial education, assistance market development from and the product/ Masisizane Fund –• the Off take business
agreements and/or l
Institute, and in 2005 he joined
the Organic Farms Group
and in 2009 he joined the Old
Mutual Masisizane Fund.
He obtained his B.Sc Agriculture
Degree from the University
of Zululand and his Master’s
Degree in Sustainable Agriculture
from the University of the
Free State. He is a 2nd-year
PhD student with UKZN.
service has quality grown standards to the and point compliance. where A it Business now has turnover • figures Signed consent in for a credit ch
excess of R30-million.
Another interesting case relates to the agri-cluster model that
Masisizane is implementing within the agriculture space. This approach
has necessitated the collaboration of other stakeholders. It is through
the meaningful collaboration of the private and public sector that we
were able to finance five co-operatives within the Mzimkhulu area. These
farmers were financed with inputs, tractors and working capital to enable
them to plant, cultivate and sell soya beans. To date the project has
been working well, albeit the harsh climate conditions have stunted the
anticipated results. Over R34-million has been invested in this project
The target market is enterprises that are 51% or more owned
by the previously disadvantaged individual(s) giving priority
to rural and peri-urban/township areas. Masisizane funding
is biased towards 51% plus owned women, youth and
people with disabilities. Masisizane will target productive
and labour absorbing sectors as approved by the Board of
Directors from time to time.
The Fund’s success is driven through a focused approach on
high impact industry sectors, coupled with a comprehensive
SMME finance solution that includes business support.
Acceleration Program has been e
clients receive training and suppo
eligible to receive financial suppo
The growth of the Masisizane Fu
inception. Although the initial foc
the fund has gradually grown to b
fund with the vision of being able
as a sustainable entity and thereb
for many years to come. The fu
R1b and it plans to invest R420
SMME’s by the end of 2017.
The development of agri-clusters
Masisizane Fund’s approach in
entail the clustering of small sca
the farmers benefit from economi
on value chain financing, agro-p
partnerships.
In 2013 the Fund initiated a p
Harry Gwala municipalities co
trading in grain and dairy prod
focused on development of value
mechanization, storage and micro
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