News

Advanced Search

De Beers Opens Business Incubator in Cape Town

Jan 12, 2015 4:03 AM   By Ronen Shnidman
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... De Beers Consolidated Mines (DBCM) opened a business incubator in Cape Town in January as part of a program to encourage entrepreneurship among historically disadvantaged South African communities.

The De Beers Marine Zimele Business Hub is DBCM's first incubator in South Africa's Western Cape Province. The Cape Town hub joins four Zimele hubs located in each of the other South African provinces where DBCM operates, the Northern Cape, Limpopo, Gauteng and the Free State. Lindiwe Zulu, South Africa's small business development minister, attended the launch in a show of support for greater entrepreneurial activity in the country.

In 2014, De Beers Zimele supported 233 new small and medium-sized businesses that were collectively responsible for creating 2,335 jobs, according to DBCM. The company reported that the fund also provided a total of $5.3 million (ZAR 60.7 million) in loans to entrepreneurs last year.

“We want to affirm people to move forward. We are creating an environment in which you own your future,” Barend Petersen, DBCM's chairman  was quoted by Mining Weekly as saying at the Cape Town hub’s launch.

De Beers Zimele fund is named for the Nguni word meaning “to stand on one’s own feet.” The fund provides loans, business advice and other forms of support to entrepreneurs from historically disadvantaged minorities to setup businesses in sectors such as jewelry, construction, cleaning and laundry services. The incubator programs are specifically designed to help people not traditionally served by the established financial sector, providing starting loans to entrepreneurs without any collateral requirements at a 6 percent interest rate.
Tags: beneficiation, DBCM, De Beers, entrepreneur, incubator, Ronen Shnidman, Zimele
Similar Articles
Ahmed Bin Sulayem KP plenary November 2016KP Approves Plan for UN Secretariat
Nov 17, 2016
Attendees at the Kimberley Process (KP) plenary in Dubai voted in favor of a proposal to set up a United Nations-mandated permanent
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.