Latest news with #NEF

IOL News
09-07-2025
- Business
- IOL News
Reclaiming the spaza shop economy: South Africans encouraged to access R500 million fund
South African spaza shop owners have been urged to take advantage of the R500 million Spaza Shop Fund which is designed to support informal retail businesses with essential financial and non-financial resources. South Africans are being urged to reclaim the township and rural spaza shop economy by taking advantage of the R500 million Spaza Shop Fund, which aims to revitalise informal retail businesses through financial and non-financial support. This call was made by Siziwe Zulu, the Spaza Shop Project Manager at the National Empowerment Fund (NEF), during a community outreach session held at the Taung Depot Hall in the North West. The event formed part of a national campaign to educate spaza shop owners on accessing government support through the initiative. 'We encourage those who have not registered to contact us as we can assist them through non-financial support in preparation for other spaza funding programs,' said Zulu. 'The main aim is to provide spaza owners with an opportunity to learn more about applying for the fund and which requirements they will be expected to comply with.'


The Citizen
02-07-2025
- Business
- The Citizen
Major funding lifeline for township traders
Local spaza shop owners are urged to apply for the R500m Spaza Shop Support Fund, a national initiative aimed at strengthening township convenience stores by providing funding, training, and business development support. This is according to Mogale City Local Municipality (MCLM) communications officer, Refilwe Mahlangu. She said a recent information session was held at Centenary Hall, where the city's Local Economic Development Section and the West Rand District Municipality partnered with the Department of Small Business Development, the Department of Trade, Industry and Competition, the Small Enterprise Development Finance Agency (SEFA), and the National Empowerment Fund (NEF) to educate entrepreneurs on how to access the Spaza Shop Support Fund. Key stakeholders who attended the session included Executive Mayor Lucky Sele, representatives from the South African Revenue Services (SARS), West Rand District Municipality representative Sivuyile Boyce and Gauteng Department of Economic Development Head Mpho Nawa. 'Launched by President Cyril Ramaphosa in November last year as part of the government's response to the foodborne illness crisis, the fund supports spaza shops through financial assistance and training, with a strong emphasis on food safety, business sustainability and market competitiveness,' said Mahlangu. She added that the support available will include: • Stock purchases via approved partners • Infrastructure upgrades (eg, fridges, shelves, security) • Operational tools and systems • Training: Point of Sale device use, business management, digital skills, food safety, and more However, Mahlangu emphasised that people who qualify for this fund are South African citizens operating spaza shops in townships or rural areas. 'Shops must be registered with the local municipality. For funding above R80 000, registration with the Companies and Intellectual Property Commission and SARS is required. Shops must meet compliance standards and be owner-managed. Up to R100 000 in support is available for qualifying businesses,' Mahlangu continued. The details for more information and applications on this fund are below: • Contact 011 305 8080 • Visit the website • In person: At your local municipality, NEF or SEFA office At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!


Local Norway
17-06-2025
- Business
- Local Norway
Why are there so many first-time homebuyers in Norway right now?
What's happening to first time buyers? There were 12,758 first-time buyers in Norway in the first three months of 2025, according to the latest statistics from the Norwegian Association of Real Estate Agents (NEF), the highest number recorded in a quarter since 1998, when there were 13,603 first-time buyers. The start of this year marked the fifth consecutive quarter in which the number of first-time buyers has grown. It wasn't just Norway as a whole that saw the highest number of first-time buyers in 17 years, but Oslo, Stavanger and Trondheim. Tromsø, which had an unusually weak housing market in 2008, had a higher number of buyers in 2017. In Bergen, there was also a higher number in 2017. READ ALSO: What first-time buyers need to know about the current state of the Norwegian property market? What's behind the rise in the number of first-time buyers? It is not as if the price of flats and houses has crashed, giving first-time buyers a chance to enter the market. "The new upturn in 2024 came despite increased house prices," NEF noted in its report. It put the rise in new entrants to the market instead down to "high wage growth, lower inflation and prospects for lower interest rates". On January 1st, 2025, Norway also loosened its equity mortgage requirements from 15 percent to 10 percent, a change the report said had likely contributed to the high number of first-time buyers. Advertisement Buyers are more willing to make sacrifices First-time buyers appear to be rushing onto the market partly out of fear that prices are set to rise still higher, with some willing to make sacrifices to get their first foothold. "The co-buyer index also shows that more first-time buyers purchase together with others during periods of high housing price growth," the report reads. The average size of first-time buyers' homes has also shrunk steadily from 100 square metres in 2008 to only 88 square metres in 2024, a 12 percent decline. In Oslo, the average size has fallen from 67 square metres in 2008 to only 61 square metres in 2024. Figures that NEF has commissioned from Statistics Norway also show that an increasing proportion of young people have received help from their parents when buying a home, especially in Oslo. Advertisement What's changed on the supply side? There have been changes on the supply side as well, with NEF reporting an increase in the number of smaller properties coming onto the market as private and professional investors sell off rental properties. This, it wrote in the report "has freed up the smaller properties that first-time buyers are demanding". The report suggests that there may be a fear among buyers that the low rate of house building in recent years will mean that the number of properties available is likely to shrink. "High housing price growth in the coming years, partly as a result of high population growth and low housing construction, may have contributed to a fear that the 'train will leave the station' if you do not enter the housing market quickly," the report concludes. This was a sentiment Carl O. Geving, NEF's chief executive echoed in an interview with Dagens Næringsliv ( DN ) about the results. "You can say there are good days now, but bad days will come when the housing supply runs out," he said.


The Citizen
17-06-2025
- Business
- The Citizen
Parks Tau details oversight framework for R100k spaza shop support fund
The minister explained that disbursements from the Spaza Shop Support Fund are made only after formal approval by the NEF's Investment Committee. Minister of Trade, Industry and Competition Parks Tau has provided responses to questions about the oversight mechanisms and departmental roles governing the government's R100,000 Spaza Shop Support Fund. He revealed a comprehensive framework involving multiple agencies and automated monitoring systems. Responding to questions from Democratic Alliance MP Anna Maria van Zyl, Tau outlined the administrative structure behind the fund's disbursement. He clarified that his department's contribution will be channelled through the National Empowerment Fund's Rural and Township Fund programme using the 2025-26 fiscal year budget allocation. The minister's responses shed light on the monitoring mechanisms designed to prevent fund misuse and ensure transparency in a programme that has attracted significant attention for its support of township entrepreneurs. Spaza shop fund automated monitoring and committee oversight Tau revealed that the NEF has put in motion multiple supervision mechanisms to monitor fund payments. 'I have been advised by the National Empowerment Fund (NEF) as follows,' Tau stated, before detailing the comprehensive framework. He said that all applications are processed through the NEF's automated Customer Relationship Management system. The system tracks application progress and provides real-time daily reports on fund status and approvals. The minister further explained that disbursements only proceed following formal approval from the NEF's Investment Committee. The committee 'evaluates each application for funding following established investment criteria and due diligence protocols that are aligned to the Spaza Shop Support Fund criteria'. Regarding the finance verification processes, Tau revealed that the NEF's Finance Division implements internal financial controls that verify and validate all disbursements before funds are released. 'These controls ensure that disbursements are made in accordance with the approved terms and conditions of Spaza Shop Support Fund,' he clarified. ALSO READ: Government pays R6 million from R500 million Spaza Shop Fund Spaza shop post-investment monitoring and direct payments Tau detailed the post-disbursement oversight measures, explaining that the NEF's Post-Investment Unit conducts reviews to confirm funds have been utilised according to approved business plans and conditions. 'This includes site visits, assessment of receipts, and verification of stock or asset purchases,' he said. The minister explained the system of direct payments. He said to minimise misuse risks, disbursements are made directly to vetted and pre-approved suppliers for the procurement of goods and services required by beneficiaries, rather than to the clients themselves. The oversight framework includes monthly reporting to the NEF Executive Committee for operational monitoring, quarterly reporting to the NEF Board for strategic oversight. It also includes weekly coordination meetings between the NEF, the Department of Small Business Development, the DTIC, and Sedfa. ALSO READ: Spaza shops ask for more than R32m worth of stock Cogta's supporting role clarified The minister clarified the Department of Cooperative Governance and Traditional Affairs' role in the programme. 'Cogta is not responsible for the disbursement of funds under the Spaza Shop Support Fund,' said Tau. He added that the spaza shops' payments are managed by his department and the Department of Small Business Development through their agencies. According to Tau, Cogta's role focuses on municipal oversight. Municipalities are responsible for developing and enforcing local legislation and bylaws governing spaza shop operations. This includes trading permits and business licences. Through municipalities, Cogta assists the NEF and SEDFA by verifying that each applicant possesses a valid trading permit or business licence and complies with relevant municipal regulations and by-laws. Tau emphasised that 'Cogta's involvement strengthens the integrity of the fund by ensuring that only compliant and duly licensed businesses benefit from the financial support.' Tau confirmed that the NEF and SEDFA will be responsible for overseeing the Spaza Shop database. The entities adopted a shared portal across both their systems, with regular meetings held to coordinate application processing. ALSO READ: Government offers R500m spaza shop support fund – Here's what you need to know Spaza shop fund context The Spaza Shop Support Fund was established for South African spaza shop owners seeking to enhance and expand their businesses. Those interested in boosting their businesses can now apply for financial and technical assistance through the government's fund. Before the introduction of the fund, spaza shop registrations nationwide were introduced to prevent the sale of hazardous food to children, following multiple food poisoning incidents in 2024. The government's Spaza Shop Support Fund offers up to R100,000 in financial and non-financial support to spaza shop owners. The initiative is a part of its commitment to township and informal economy development. The support package includes: R40,000 in grant funding for stock, R50,000 in blended grant and loan financing for shop upgrades, including fridges and shelving, and R10,000 worth of business training and digital tools. 🟢 Spaza Shop Support Programme – Apply for Assistance Up to R100 000 🟢 The Government of South Africa, through its commitment to township and informal economy development, invites spaza shop owners to apply for financial and non-financial support of up to R100 000. Support… — South African Government (@GovernmentZA) June 8, 2025 NOW READ: Over 30K spaza shop applications were from foreign nationals


Borneo Post
17-06-2025
- Business
- Borneo Post
SME Bank, BSN ink MoU to strengthen entrepreneurial landscape
Hamdan (left) and Mujibburrahman hold up the signed MoU at the ceremony. KUALA LUMPUR (June 17): Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) and Bank Simpanan Nasional (BSN) have signed a memorandum of understanding (MoU) to strengthen the entrepreneurial landscape in Malaysia, particularly among homegrown micro, small, and medium enterprises (MSMEs). This strategic alliance, aligned with the Madani Economic Framework and the National Entrepreneurship Framework (NEF), aims to accelerate the growth of local entrepreneurs by enhancing access to financing, expanding capacity-building efforts, and bolstering digital enablement. It also underscores the vital role Development Financial Institutions (DFIs) play in national economic development. 'We are committed to fostering inclusive and sustainable national growth by forging strategic partnerships that improve SME access to innovative digital solutions,' said SME Bank acting group president and chief executive officer Datuk Dr Mohammad Hardee Ibrahim in a statement. 'With BSN's extensive microfinance customer base and SME Bank's robust digital tools, including our ScoreXcess platform operated by CEDAR, we are enabling a stronger support ecosystem for MSMEs.' ScoreXcess, a one-stop digital business financing application portal, is one of several digital platforms under SME Bank's transformation journey. Alongside tools like ELSA and ODELA, these platforms have supported nearly 5,000 SMEs between 2021 and 2024. The collaboration has already facilitated 89 financing applications via ScoreXcess, amounting to RM3.2 million in financing requests. Mohammad Hardee added that SME Bank remains committed to supporting SMEs throughout their business lifecycle, including BSN's microfinance clients as they scale up. 'Our support goes beyond financing. From the SME Technology Transformation Fund (STTF) to the Pembiayaan Ekosistem Payung and Bank Negara Malaysia's High Tech & Green Facility (HTG), we're helping businesses innovate, build resilience, and grow sustainably,' he noted. The MoU exchange took place during Karnival BSN Mikro Madani – Zon Pantai Timur, with SME Bank acting chief corporate strategy officer Hamdan Mohd Habibollah and BSN deputy chief executive Mujibburrahman Abd Rashid representing their respective institutions. BSN Mohammad Hardee Ibrahim SME Bank