OLD MUTUAL FOUNDATION CASE STUDIES IN KZN The Clothing Bank (TCB), a non-profit organisation started in 2010, has quickly grown into one of the most successful social enterprises in South Africa, winning international awards and recognition for their work. Their straightforward business model recruits unemployed mothers and teaches them to set up and manage their own small micro-enterprises using donated clothing and accessories from major retailers as start-up stock. Not only does their enterprise training cover core business principles, but more importantly most women are supported out of debt and deep personal crisis with counselling and critical life skills. The Old Mutual Foundation has assisted The Clothing Bank to set up branches in Paarl, Gauteng and most recently provided R500 000 to open up a successful branch in Durban.
The MASISIZANE FUND focuses on enterprise development and job creation to help alleviate poverty and improve food security in South Africa. This is achieved through encouraging entrepreneurship and capacity development and financing of micro, small and medium enterprises (SMMEs). Preference is given to SMMEs with 51% plus ownership by women, youth or people with disabilities. Masisizane Fund disbursed R147m worth of funds in 2016 through soft loans in the three high-impact sectors and facilitated the creation of 862 jobs against a target of 625 jobs. In KZN Masisizane disbursed funds of R26m across 7 clients creating 227 new jobs.
MASISIZANE CASE STUDY IN KZN LHL Engineering Natal (Pty) Ltd is a 100% black owned steel engineering company. The operations are based in New Germany industrial area, KwaZulu-Natal. The business was acquired by the current owner in May 2015 which has transformed the company to a level 1 B-BBEE company. LHL was established in 1969 with a focus on the manufacturing of steel tanks, pressure vessels, reactors, condense columns and heat exchangers. Since the business was acquired, there has been a move towards structural and general steel fabrication.
The company is 100% black owned. One of the owners is a chemical engineer with 30 yearsâ€™ experience in the chemical industry. The other is the managing director and has been with LHL since 1981 when he started as a design draughtsman. Masisizane Fund Loan - R4.98 m
Geographic Location - Urban
Number of Jobs - 49 Jobs Facilitated
Sector - Supply Chain
WANT TO HELP BUILD THE PLATFORM FOR FINANCIAL INCLUSION? Financial education is the gateway to financial inclusion. The Old Mutual Financial Wellbeing programme promotes financial literacy and awareness across market segments in line with the Financial Sector Charter. We offer highly effective financial education and support programmes to help South Africans take control of their finances. Between 2007 and end of 2016 more than 589 808 people were reached through face-to-face workshops held for communities as well as employees in the public and private sector. In 2016 more than 88 000 individuals participated in our On the Money workshops nationally, with 24 674 participating in our Fin360 programmes. In KZN, 18 569 individuals were trained in our Old Mutual On the Money programmes. For more information, contact AJ Dlamini at email KZNPMB@oldmutual.com
Published on May 3, 2013
KwaZulu-Natal Business 2016/17 is the eighth edition of this highly successful publication that has since its launch in 2007 established its...