#Verdant Capital funds Enable Capital—Verdant Capital (www.Verdant-Cap.com) is pleased to announce a USD 2.5 million revolving credit facility for Enable Capital of South Africa.
Enable Capital specialises in providing short-term funding solutions to SME subcontractors involved in the physical construction and deployment of local, regional, and national fibre network infrastructure across South Africa.
Enable Capital has built up a successful track record since inception in 2018 – it has provided financial support of more than ZAR 1.5 billion to more than 250 SMEs. In doing so, it has facilitated meaningful growth for businesses in South Africa’s SME sector, where access to finance remains a key inhibitor. Enable Capital aims to be the primary funding partner on major projects that have been officially approved by fibre network owners (e.g., Vumatel and Metrofibre).
Enable Capital’s funding solutions specifically help address challenges faced by SME subcontractors such as equipment hire, supply of building materials and diesel where Enable Capital deals with suppliers and service providers directly in bulk, to the benefit of the subcontractors.
Enable Capital has a proven track record helping small business in the country grown significantly, transitioning from small subcontractors to large primary contractors, creating many new jobs in the process.
The partnership with Verdant Capital will allow Enable Capital to continue to support SMEs involved with the deployment of fibre while impacting economic growth in areas and communities where it is most needed. This includes the rollout of fibre network infrastructure outside of affluent areas where there is unequal access to the internet, thereby increasing access to the internet for all.
The funding was provided through Verdant Capital’s investment partnerships strategy supporting high-impact businesses and financial institutions operating in the African continent.