The Inyamazane Funding Scheme offers South African military veterans an opportunity to enter the mainstream economy by accessing credit facilities ranging from R50 000 to a maximum of R15-million to build qualifying entrepreneurial enterprises.
The fund was established to address high levels of poverty and unemployment among the veteran community, and to assist them in accessing fundamental social and economic rights.
Who can apply?
Small and medium-sized enterprises, including close corporations and companies, and cooperatives with at least 50+ 1% ownership by entrepreneurs with verified military veteran status are eligible to apply for Inyamazane funding.
Military veterans will be confirmed via the Department of Military Veterans database
Only applicable to small and medium-sized businesses
Existing businesses seeking to expand is the preferred funding candidates, but start-ups with merit may also be supported
Financing applications must have economic merit (financially sustainable and technically feasible)
Benefits to military veteran entrepreneurs
The scheme offers military veterans credit facilities ranging from R50 000 up to R15-million
Preferential fixed interest rate of 9% per annum
Repayment terms for facilities up to 60 months. The actual loan duration will be subject to the projected cash flows of the business
Normal sefa loan administration fees will apply
Additional customised benefits
The scheme also offers the following non-financial support:
- Pre-approval assistance (if required)
Targeted assistance to bring the application to a bankable stage, including mentoring, technical assistance, sourcing and negotiating with suitable suppliers
Post-approval assistance (for a maximum amount of up to R350 000)
To be used for in-depth mentoring and coaching, as well as any other business support required up to two years
The following businesses fall outside the scope of enterprises that sefa funds:
Manufacturers or sellers of ammunition
Tobacco, liquor, gambling or sex trade businesses
Persons under debt review
Unrehabilitated insolvent shareholders and/or directors of applying entities
Primary agriculture (except cash crops, and the applicant must have an offtake agreement in place)
Want to apply?
To apply follow do the following:
Draft the business plan or proposal
Complete the sefa application form which can be downloaded below
Submit this business plan and the completed sefa application form and supporting documentation to your nearest sefa access point; or email it to firstname.lastname@example.org