News - Black-owned Business wins up to five million rands at 0% interest from Inyosi Empowerment

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Black-owned Business wins up to five million rands at 0% interest from Inyosi Empowerment

Source By Amanda Mkhize
1 year ago

The year is off to a good start for Mawala Holdings who have won up to five million rands in debt funding at ZERO interest from Inyosi Empowerment. At the end of 2022 Inyosi Empowerment, South Africa’s most established Enterprise and Supplier Development funding provider, announced their biggest competition that would grant winners debt funding of up to five million rands at a ZERO percent interest rate, plus access to their innovative web-based preferential procurement portal iHive for 36 months. Director of Mawala Holdings, Phumelela Msomi, shares that, “We are incredibly grateful for the support from Inyosi. Their funding is not just a financial boost for our business, it’s an investment in our future. It will enable us to secure larger quantities of stock, ensuring that we can withstand any potential increase in steel prices. More importantly, it will give us the resources we need to expand our capacity and take our company to the next level. This loan is truly a game-changer for us and we are thankful for the opportunity to grow and succeed”. The lucky winners at Mawala Holdings offer the facilitation of high-impact strategic projects with local communities and companies with the goal of ensuring investment security, skills transfer, and compliance with local government policy. The competition ran for three months, garnering applications from black-owned businesses around the nation, buzzing to win an opportunity of a lifetime. Founder of Inyosi Empowerment, Evan Jones, exclaims that “We are always looking to make black-owned businesses aware of our loan funding. We are delighted to have met Mawala and look forward to helping them grow by providing them with access to capital, markets, and technical support for their business”. Inyosi Empowerment has more than a decade of experience in enabling black-owned businesses to reach their potential. To date, Inyosi has empowered over 300 black-owned businesses to achieve sustainable business growth and advanced a cumulative 912 million rands in loan funding to grow SA’s diverse businesses. The provider has funded SMEs across various sectors including services such as agriculture, manufacturing, and IT. Some of Inyosi’s success stories include Silulo Ulutho Technologies, an ICT service and training provider who was able to fully fund seventeen of their forty-five Internet Cafés through Inyosi. Inyosi also facilitated more than 2 million rands worth of bursaries to the various Silulo training and development programmes, geared towards upskilling South African youths. Matongoni General Trading, a recycling, and manufacturing specialist, is another part black-female-owned and operated Inyosi beneficiary. Inyosi co-funded Matongoni’s Black Industrialist expansion program, which aims to increase the meaningful participation of black-owned companies in the mainstream economy. Expert in enterprise and supplier development funds, Evan Jones, highlights just how important their operations at Inyosi are; “In approving this loan we intend to provide the company with the funds it needs in order to work towards sustainable-economic transformation. At the crux of our motivation behind the competition, we wanted to share and celebrate the positive impact loan funding can have on the growth of SME’s and how this in turn spurs job creation and economic growth in South Africa; much like the domino effect, but more specifically the ‘Inyosi domino effect’ ”. Inyosi Empowerment’s Annual Impact Report for 2022 indicates that the company has contributed to the creation of 63,177 jobs since its inception with a meaningful focus on black and female employees. With this funding, Mawala is set to join the ranks of Inyosi’s success stories and experience the “Inyosi domino effect” of sustainable-economic transformation.