Black Business Council and Ubank Limited establish fund for Township and Rural Economy Revitalisation

The Black Business Council (BBC) and Ubank Limited have signed a partnership agreement to establish a R1 billion fund for Township and Rural Economy Revitalisation. The fund will be made available to BBC members and other SMME’s to the value of R250 million per annum over the period of five (5) years, targeted at supporting township and rural black business ventures, entrepreneurship, and start-up companies.

The fund will focus mainly on the following sectors: Information Technology and Digitalisation, Manufacturing, Agriculture and Agri-processing, Retail, Infrastructure, and Tourism.

The main objective of the partnership will be to develop township and rural market solutions and black companies, enable economic transformation and be a catalyst for change and inclusive growth.

The fund will be managed through a joint Ubank/BBC steering committee that will ensure that the fund achieves its intended purpose, which is to support township and rural economies in line with the mandate of the Government’s Township and Rural Entrepreneurship Programme and Fund.

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