Engen support advances rapid growth of David Swartz Engineering Services

Engen support advances rapid growth of David Swartz Engineering Services Submission Details

Author: samantha Walt from magna carta.
More Info link: https://www.engen.co.za
Images: For a high res version of THIS image please contact magna carta.

Ends.

Engen’s Convoy Fund

Convoy is Engen’s Enterprise & Supplier Development Fund to promote broad-based black economic empowerment (B-BBEE) with the objective of maximising socio-economic development through supporting sustainable supply chain transformation. The fund supports

SMMEs (companies with turnover less than R50m) within and outside of Engen’s database. The also fund provides access to finance for both capital and business development needs for entities that are at least 51% black owned and/or black-female owned.

How it works

Convoy provides relaxed requirements for securing business loans to qualifying ESD SMMEs and business development support for the selected beneficiaries. This is to ensure the long-term sustainability of these SMMEs. The fund is managed by Edge Growth, a registered credit provider, and is governed by Engen’s Internal Transformation Committee, overseeing the disbursement and approval of funds.

For SMMEs to be eligible to apply, you must:

Be an existing SMME with potential business contracts
Meet the definition of an enterprise or supplier development beneficiary in terms of the revised B-BBEE codes: i.e. be 51% black owned or black-female owned
Have a turnover of less than R50m per annum
Be a South African citizen as defined by B-BBEE Codes
Be in possession of a valid tax clearance certificate and audited/reviewed historical financial statements
To apply for the Convoy loan facility or to find more information, please email convoy@engenoil.com

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