De Beers Consolidated Mines (DBCM), a South African company, launched an incubator, called The De Beers Marine Zimele Business Hub, to support entrepreneurs in various sectors.
The incubator is a first by the company in the Western Cape, with others already established in four other provinces. Through this initiative, DBCM offers entrepreneurs funding, mentoring and guidance.
“We want to affirm people to move forward. We are creating an environment in which you own your future,” said DBCM chairman, Barend Petersen, at the Cape Town hub’s launch as reported by Mining Weekly.
According to the company, in 2014, its hubs supported 233 new small and medium sized enterprises (SMEs), creating 2,335 jobs in rural and regional urban areas. Loans to entrepreneurs through the hubs totaled ZAR60.7 million (US$5.3 million).
Zimele Business hub, according to DBCM, makes it easier for budding entrepreneurs to access services, since collaterals aren’t required to get loans. Support is provided even for those who have been blacklisted.
Small business development minister Lindiwe Zulu supports this, saying, “We believe in people standing up and doing things for themselves. We are a small business development department, but we have no intention of keeping people small. We need to help entrepreneurs rise to the next level. What’s is important is sustainable growth.”
