Verdant Capital announced a USD 2.5 million revolving credit agreement for South African Enable Capital. Enable Capital focuses on providing short-term financial solutions to SMEs participating in the physical building and deployment of South Africa's local, regional, and national fibre network infrastructure.
Since its launch in 2018, Enable Capital has amassed a solid track record, having provided more than ZAR 1.5 billion in financial support to over 250 SMEs. As a result, it has enabled considerable growth for enterprises in South Africa's SME sector, where access to capital remains a major impediment. Enable Capital intends to be the lead financial partner on big projects that have been officially approved by fibre network owners (e.g., fibre network expansion).
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.
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