adminUbank chief executive Luthando Vutula said last Friday that the bank secured commitments from development finance institutions and government to support it as it established its fund to support businesses based in townships and rural areas.
Vutula said he was doubly committed to supporting these businesses during the Covid-19 pandemic. Ubank signed a partnership agreement with the Black Business Council in May to establish the R1 billion fund in support of businesses and entrepreneurs in the township and rural economy.
The township and rural economy fund aims to support businesses with patient capital and blended financing solutions with funding that ranges from a minimum of R50 000 to a maximum of R20 million.
Speaking to Shawn Theunissen on a virtual panel for Entrepreneurship: To The Point, Vutula said while Ubank was quick to announce the partnership with the BBC, the bank secured commitments from various strategic partners to provide the funding to assist township and rural businesses. — fin24.
Online Reporter