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FNB launches R200m Vumela fund to grow small business

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On Tuesday big four bank FNB launched its fourth Vumela fund, worth R200 million, which aims to offer alternate financing to 150 black-owned businesses and create 1 000 jobs.

FNB’s Vumela Enterprise Development Fund was established in 2009 by the lender’s commercial banking unit, in partnership with venture capital and private equity firm Edge Growth. Vumela – an isiZulu word meaning to allow, or enable – aims to create innovative financing models and support so-called ‘missing-middle’ black-owned small enterprises.

The newly launched Vumela 4.0 fund comprises two products: an accelerate loan and a venture debt loan.
9 Nov 2022 1PM English South Africa Business News · Investing

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