SOCIO-ECONOMIC IMPACT FUND (NPC)
B y activating Corporate Enterprise & Supplier Development and Socio-Economic Development funds our partnership with the Socio-Economic Impact Fund is actively contributing to the economic transformationof South Africa and its people. We believe small,medium and micro enterprises (SMMEs) are one of the most powerful tool in creating jobs, alleviating poverty, and addressing other socio-economic challenges in our country. Therefore, we are committed to stimulating the development and economic growth of black-owned SME`s and we have proven that a holistic, end-to-end approach to public-private partnership blended funding is an important method to deliver measurable impact. Our detailed understanding of the different drivers of Preferential Procurement, Enterprise & Supplier Development and Socio-Economic Development decision-making empowers us to address the needs of all SMME`s with a single, collaborative, cross-functional solution.
The Socio-Economic Impact Fund operates as a conduit for channeling corporate ESD, SED and general grant/donation funding to qualifying black owned SMMEs. The Fund receives funding from corporates in the form of Grants, Donations & Corporate funding.
With a strong partnership with the LFP group the social economic impact fund is in the forefront of facilitation private sector participation though sponsored learning, capacity building and various other enterprise supplier and social economic development projects that has a meaningful and tangible impact in South Africa.
THE FUNDS WILL THEN BE UTILISED IN THE FOLLOWING MANNER:
Through sponsored learnerships focusing on Agricultural, Business & Entrepreneurial qualifications, every individual can take part in programmes that will improve their career prospects and establish themselves financially in the future. Women, Youth & Disabled Development Programmes give people the opportunity to develop their career paths, learn important life skills, and receive valuable mentorships.
Through Enterprise development funding, the Socio-Economic Impact Fund establishes and develops black owned SMMEs at the bottom of the economic pyramid and onboards these beneficiaries into the formal economic system. The Socio-Economic Impact Fund assists entrepreneurs and established businesses alike to take the first steps towards growth and sustainability. We also advocate for intercorporate business skills transfer for individuals to become valuable members of any team, understand time management, business ethics, business planning and how to handle or create business functions.
Through funding the development of inputs and other operational expenses on these enterprises, with the view to procure product from these enterprises, as part of the funders supply chain or for donations, to the various initiatives such as government sponsored social security interventions. A fundamental key to success whe starting a business is forming the right partnerships and building strong supply chains. We offer access to like-minded challengers and innovators on a global scale, thanks to our various affiliations and partnerships.
We consolidate supply chains and procurement for all entities in SA, to optimise and rationalise. The process spans the whole cycle from identification of needs, choosing adequate procurement methods, sourcing suppliers and evaluation of their offers up to the award of contract. We assess the current situation regarding the supply of goods and services by SMME’s to big business in South Africa and provide recommendations on how this can be developed so that SMME’s can effectively and efficiently access corporate input markets. We can also provide recommendations of how corporate SA can be capacitated in order to incorporate SMME’s successfully into their supply chains.