FirstRand provides banking, insurance and investment products and services to retail, commercial and public sector customers in South Africa and other African countries. One of the largest corporate donors in SA and a leader in CSI within the financial services sector, FirstRand was the first bank to launch an Enterprise Development Fund in this country to facilitate the sustainable growth of SMEs and create jobs.
FirstRand has a strong social conscience and remains committed to contributing to the economic and developmental needs of the country. FirstRand’s participation in Vumela is primarily executed through its FNB Business division.
Launched by the Minister of Finance in 2011, the main objective of the Jobs Fund is to co-finance projects by public, private and non-governmental organisations that will significantly contribute to job creation. This involves using public money to catalyse innovation and investment that will directly contribute to long-term employment creation in South Africa.
In return for capital contributions into your business, you’re also helping to improve education and job creation in South Africa:
Formed in 2006, the Shalamuka Foundation is a broad-based education fund formed to raise long-term, sustainable funding for the Penreach Whole School Development Program. Penreach aims to improve the quality and accessibility of education in disadvantaged communities. The programme reaches more than 2000 educators a year – representing over 900 schools – and an estimated 350 000 rural learners. Shalamuka is the majority beneficiary of Vumela.
As the division of FirstRand Bank Limited which deals directly with SMEs, FNB Business is responsible for translating the Group’s commitment to economic development and job creation into impactful, executable strategies, delivering value to the SME market.
FNB Business provides a range of tailored solutions to both “start-ups” and “scale-ups” through its core value propositions. Outside of this, FirstRand delivers non-traditional funding and support to SMEs to further accelerate their development and facilitate their ongoing growth and sustainability. FNB Business established a unique relationship with Edge Growth in 2009, which saw the creation of the Vumela Enterprise Development Fund. FNB continues to work with Edge to deliver innovative solutions to both the corporate and SME markets.
Edge Growth is an Enterprise and Supplier Development (ESD) specialist firm. They are passionate about leaving a legacy through job creation, one of the most powerful ways to transform social injustices caused by the lack of skills, education and jobs. Run by a team of highly qualified business experts committed to change, Edge provides strategic knowledge, management guidance, operational tools and financial support for entrepreneurs to overcome growth obstacles and succeed in the long term.