National Empowerment Fund
NEF Funding for Black-Owned Businesses
Three funds under one roof
Do not chase "NEF funding" — chase the specific fund that matches your stage. The NEF's three products are organised by cheque size and business maturity, not sector.
Early-stage funding
Startup and early-growth capital for entrepreneurs launching or in their first three years of trading. Covers greenfield ventures, franchise buy-ins, and acquisitions of established SMMEs. Instrument mix leans toward debt with an equity kicker.
Expansion and B-BBEE finance
Growth capital for established SMMEs turning over R5m+. Covers expansion, capex, and B-BBEE ownership transactions. Instrument mix is often equity or preference-share heavy, giving the NEF a shareholding.
Rural and community development
Cooperatives, community trusts, and rural enterprises with a broad-based ownership structure. Blended-finance instrument mixing debt, grant, and technical assistance to make sub-scale rural projects bankable.
Priority sectors in 2026
NEF is not sector-locked but weights applications from these areas ahead of the standard queue:
Eligibility essentials
- Business is at least 51% Black-owned in terms of the B-BBEE Codes of Good Practice
- South African-incorporated legal entity (Pty Ltd, CC, cooperative, trust with active business)
- Tax compliant with a valid SARS Tax Clearance PIN
- Reasonable equity contribution from promoters (typically 10-20% of the deal)
- Realistic financial model showing debt-service capacity (for debt deals)
How to apply
- Complete the online screening questionnaire on the NEF portal to identify which product fits.
- Submit the business plan, financial model (3-year historical + 3-year forecast), and shareholder details.
- NEF acknowledges receipt within 10 working days and assigns a deal team.
- Deal team runs due diligence: legal, financial, environmental, and B-BBEE verification.
- Term sheet issued, negotiated, and signed. Legal agreements drafted alongside.
- First disbursement lands 60 to 90 days after term sheet signature.
Reach the NEF
Head office: 011 305 8000. Provincial offices in Gauteng, Western Cape, KwaZulu-Natal, Eastern Cape, Free State, Limpopo, Mpumalanga, North West, Northern Cape. Applications online at nefcorp.co.za.