WDBIH fund injected with R5m to help rural businesswomen
ILLOVO – The Women’s Development Bank Investment Holdings recently announced plans to grow its Enterprise Development Fund to R50 million in the next year, which will help create development opportunities for rural-based female entrepreneurs.
The fund, initially launched in 2012, has given more than 40 women access to unsecured debt financing since its inception.
Faith Khanyile, chief executive officer of WDBIH, explained the reason for setting up the funding, adding that it was a way to provide these women with the non-financial support needed to develop and sustain their businesses.
“Many rural women farmers have limited access to resources and capital. Their production yields and income tend to be low, as they can’t expand their operations and benefit from economies of scale,” she said.
“Moreover, many do not own land, have limited access to finance and lack the implements required to intensify their farming operations. [We are] therefore delighted to be providing both financial and non-financial support to these rural women.”
She added that the company was also working with TechnoServe South Africa to make a difference in women’s lives.
The fund has focused on helping female entrepreneurs in the agriculture, agro-processing and specialised services sector, providing loans of between R50 000 and R300 000.
Among the fund’s beneficiaries are Elelwani Farming, owned by Elelwani Mulaudzi; Thembuluwo Farming, run by Rosinah Tshisevhe; and Ndivhaleni Farm, started by Selina Ndou.
WDB Investment Holdings, based in Illovo, is the leading women-owned and -led investment firm in South Africa and has focused on the economic empowerment and social upliftment of women in South Africa since its formation in 1996.
Details: www.wdbinvestments.co.za
