The Anglo American Zimele Community Fund, which provides business loans at low interest rates of 6% per annum to black entrepreneurs, has been doing excellent business since opening in October 2010 at the Philippi branch.
This hub, the first not affiliated with one of the Anglo American group of companies, provides onsite access for clients to business finance, from micro-loans to large loans up to R1 million. Heidi La Grange, hub manager, has signed deals worth R2 million with Philippi clients.
“You can feel the value of the transaction, feel that you have done something worthwhile.”
Heidi La Grange, Hub Manager
Typical businesses assisted are construction, particularly repair and maintenance work for the City, transport businesses, and service and repair businesses. The loans can be short or long term but key to a successful application is the development of a trust relationship between the entrepreneur and the hub manager. This naturally evolves into a developmental process where coaching on financial issues is an integral part of the application.
Hub Manager Heidi La Grange with longstanding client, Phakamisi Jodwana, who recently received a loan.