Kwazulu-Natal Business News

Send  Share  RSS  Twitter  10 Nov 2011

BEE: Nedbank Lends a Helping Hand to BEE Poultry Business


Recent Kwazulu-Natal Business News

Nedbank Business Banking has provided R165 000 grant funding to Inqabayensimbi Poultry Co-op, which comprises ten previously disadvantaged men and women who own and run a BEE poultry business breeding operation at KwaMavundla Traditional Council, approximately 30 kilometres outside Port Shepstone.

Ezemvelo KZN Wildlife previously funded the construction of the first broiler house through its community levy fund, while Old Mutual provided grant funding for the construction of the recently completed second broiler house.

Nedbank’s grant funding has been granted as part of Nedbank Business Banking’s Enterprise Development assistance, and will be used to purchase new infrastructure and equipment, set up administrative infrastructures, provide for cashflow requirements and implement basic business management skills training.

BEE Poultry Business Enabled To Grow Substantially with Backing

The Inqabayensimbi Poultry Co-op is set to grow production capacity to up to three times its current capability. Although Nedbank has helped to empower the co-op to move from a subsistence poultry breeder to a larger scale operation, Inqabayensimbi Poultry Co-op is not currently keeping up with market demand, which requires approx 6000 birds per six week cycle, or 1000 birds per week. The co-op is planning to partner with another broiler house in order to meet demand and, at the same time, uplift another group of poultry producers.

Jenny Goddard, head of Nedbank Business Banking’s KZN Inland Region says that Nedbank Business Banking is proud to have been able to assist in the upliftment of the members of this co-op. “Initially, the co-op was able to produce chickens only for consumption by the immediate local community, but through sheer hard work and dedication the members have increased the quantity and quality of the birds, enabling them to capture markets beyond the boundaries of the local area.

BEE Poultry Business Shows Commitment to Entrepreneurship

Our involvement illustrates Business Banking's position as the bank for the entrepreneur and our commitment to partnering with our clients to grow their business,” adds Goddard.

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. In relation to the support of this BEE Poultry Business, the identified important components of this support encompass business mentorship and customised training solutions through leading accredited training institutes and service providers.

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