National Empowerment Fund

The NEF is a premier leading developmental finance agency established by the National Empowerment Fund Act No 105 of 1998 in order to promote and facilitate black economic equality and transformation. Its mandate and mission are to be a catalyst for Broad-Based Black Economic Empowerment (B-BBEE) in South Africa. The objectives of the NEF are to finance and support business enterprises owned and managed by black entrepreneurs, as well as to promote savings and investment schemes for black people and, in so doing, to develop an understanding of equity ownership and a culture of savings amongst its beneficiaries. To date the NEF has approved in excess of R4, 4 billion for black business with R2, 7 billion disbursed. Of the approved funds R800 million has supported 233 SME's, with over R108 million approved for rural community development deals, supporting 31 000 jobs. Until the Asonge Share Scheme was launched in June 2007, the activities of the NEF centred principally on providing financing and support for black empowered business and entrepreneurs. The NEF through the Post Investment Department offers a free mentorship program aimed at improving the chances of funded businesses succeeding. The establishment and promotion of a savings and investment culture amongst all black people, supported by clear and accessible savings and investment products, is key to assisting South Africans to move to full participation in the first economy.