Moshwe Sethole (left) is the owner of Sethole Welding and Supplies benefited from the Olwazini Fund’s training and mentorship programme
The Olwazini Fund is Anglo American Zimele’s newest fund and assists historically disadvantaged individuals – particularly women, the youth and the disabled – to establish and operate their own small businesses, with entrepreneurial skills training as a starting point.
Loosely interpreted, the Zulu phrase ‘Zimele Olwazini’ means ‘to be independent through knowledge’ and represents the fund’s strong entrepreneurial education imperative. It provides small business loans of up to R20,000 per proposal at preferential interest rates to individuals who successfully complete its training programme.
The entrepreneurial initiative is a collaborative effort between Anglo American Zimele, Nedbank, Neosho 119 Marketing Specialists and the Maccauvlei Learning Academy.
Entrepreneurs receive credits towards an NQF Level 2 qualification, and develop their own business plans with the assistance of mentors. Training is delivered in modules over the course of 12 months and participants are able to submit a business plan as a loan application to the fund within the first three months.
Training material covers:
- Goal setting
- Basic accounting fundamentals
- Income statement, balance sheet and cash flows
- Financial planning and budgeting
- Business registration
- National Credit Act compliance
- Marketing, legal and human resources
Benefits
Apart from providing beneficiaries with financial support at a grass roots level, the Olwazini Fund gives participants the skills they require for personal and entrepreneurial growth.
Strong emphasis on accredited training as a pre-requisite for funding bears testament to its commitment to quality education and the practical application of business management skills as the foundation for entrepreneurial success.
The fund has adopted the flexibility of a ‘no one size fits all approach’ on granting business loans, without compromising the structured nature of the entrepreneurial skills training programme.
Financial support benefits include:
- Business loans at preferential interest rates
- The co-sharing of risks
- Assistance with secretarial, legal and administrative matters
- Strategic, technical and financial skills transfer
Training
A diverse pool of mentors with a passion for innovation, development and transformation conduct the training. Some of the mentorship benefits successful candidates enjoy include:
- Mentorship on a group and one-on-one basis
- Candidates are mentored to develop and implement plans driven from a market demand basis
- Anglo American Zimele and its partners adopt a hand-holding approach that enables the provision of business development support and transfer of business and technical skills
- Market identification, development and expansion is achieved by grouping together businesses participating in the same sector to gain the best market exposure
- A ‘buddy’ system is implemented to assist in day-to-day operations
Guidelines
The fund is mainly targeted at historically disadvantaged individuals, particularly women, the disabled and the youth in our mining communities.
Each loan is limited to R20,000 per proposal and is grated at an interest rate of 6%. The maximum repayment period is 36 months.
After consulting with the relevant mentors, Anglo American Zimele may award a loan incrementally in line with the candidate’s entrepreneurial training level and the business’s requirements at the time of the application.
Find out about the fund’s evaluation criteria and application processes.