Masisizane Fund boasts with many success stories
Reality is, about 70% of people who start businesses fail within two years; that's when the fund initiates stepped in to help businesses grow and prosper
LIMPOPO – The Masisizane Fund, an Old Mutual initiative started in 2007 with the aim of providing funds and support to small businesses in agriculture, franchising and supplier chain, recently celebrated 10 years of service.
A recipient of this fund, Lucas Ledwaba (28), a young businessman who owns three petrol stations in the rural areas of Ga-Mashashane is just one of the many success stories the fund can list.
CEO of the fund, Masisizane Nyanga, described Ledwaba as a self-made man who, in spite of not having a formal tertiary education, has a natural business acumen and understands the nature of his business.
“We saw Ledwaba’s potential and decided to provide him with a loan which he used to acquire two more overland diesel tanks to grow his business. It warms our hearts and gives us great pride knowing we helped this young man turn a good business into a great one,” Nyanga said.
Old Mutual General Manager and Masisizane Fund Board Member, Simphiwe Somdyala, said they mainly support black-owned businesses, of both young men and women.
“We are biased more towards townships, small towns as well as rural areas. Our funding ranges from as little as R500 000 to R10 million,” Somdyala explained.
“Our funds do not run like banks because we don’t fund on the basis of collateral value or just for someone to have a good balance sheet. We fund businesses which already have valid contracts with other companies,” he added.
Mashashane filling station owner, Lucas Ledwaba, said things were difficult since he took over the business from his late father in 2007, however, that did not affect his business ambition.
“The filling station now uses a tag system in the forecourt, employs six petrol attendants and three cashiers,” Ledwaba continued.
“It started operating 24 hours a day, seven days a week as of December last year which makes me proud to see the big difference I have managed to make. I am thankful to have the support of the Masisizane Fund behind me every step of the way. I am who I am today thanks to their support,” he concluded.
