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. Click here to read full article