Finance: Nedbank Further Invests in the Hope Factory
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The funds have been provided as a grant to the Hope Factory as part of Nedbank Business Banking’s Enterprise Development assistance.
The funds will be used to support emerging entrepreneurs within the Hope Factory’s job creation programme, including product development and marketing, working capital and further training for graduates.
The Hope Factory is a leading national non-profit organisation which is dramatically impacting and improving the lives of previously disadvantaged South Africans by providing holistic training and entrepreneurial development programmes. This highly effective programme includes training in business skills, life skills and technical skills, as well as a comprehensive Job Creation programme, to further develop these skills. The Hope Factory works to place entrepreneurs in their own business, the formal sector or as part of the Job Creation Programme, and has an average success of an 88% placement rate.
In the Job creation programme, entrepreneurs are afforded the opportunity to further their skills, gain practical experience, and become financially productive. Entrepreneurs manufacture a wide range of corporate gifts that are sold, through a dedicated sales team, to companies throughout South Africa.
The South African Institute of Chartered Accountants (SAICA) provides financial, governance and compliance oversight to the Hope Factory. The Department of Labour provides funding for training.
Ingrid Johnson, Nedbank Business Banking’s managing executive says, “We are absolutely delighted and extremely proud to contribute to this worthy initiative. By seeing the tangible benefits that this programme has achieved towards job creation and SME development reinforces our pledge to support developing enterprises in SA.”
Nedbank is committed to the support and development of existing and emerging entrepreneurs. Nedbank Business Banking’s enterprise development proposition provides a flexible lending approach, business support and technical assistance programmes specifically designed to accommodate the needs of the entrepreneur and the business. Important components of this support encompass business mentorship and customised training solutions through leading accredited training institutes and service providers.
Since its inception in 2001, when it operated out of a church garage, to its current 700m² factory, The Hope Factory now trains over 100 people annually and employs between 80 and 100 graduates.
The holistic 15-week training programme focuses on:
· Technical skills: sewing, pattern marking, beadwork and other crafts
· Business skills: entrepreneurship and small business
· Life skills: time management, CV writing and HIV/Aids
Once the learners have graduated, they can choose to start their own business, seek formal sector employment, study further or join The Hope Factory Job Creation Project.
The Hope Factory is a 100% BEE supplier, and all products purchased create employment, empower people and uplift the community.
Business News Sector Tags: Finance|