How targeted collaborative support can drive growth in SA’s SME sector

Strengthening South Africa’s small to medium sized enterprise (SME) sector through targeted support and innovative funding structures remains vital to driving inclusive economic growth.

FNB Business, in partnership with small business development specialist Edge Growth, continues to empower high-growth SMEs since it first launched the Vumela Enterprise Development Fund in 2009.

As its flagship collaboration, the Vumela Enterprise Development Fund provides innovative finance to black-owned ‘missing middle’ businesses – those too large for microfinance that don’t meet traditional credit criteria – with financial support and hands-on post-investment support from Edge Growth.

Monabo Hygiene Services, a 100% black woman-owned cleaning provider and FNB supplier, is one of many examples that demonstrate the impact of these collaborative programmes. With over 10 years’ experience servicing clients across Gauteng, the Western Cape and KwaZulu-Natal, founder and CEO Bongiwe Monakedi (pictured) faced a critical growth opportunity in early 2024 that required additional liquidity.

Through an Accelerate Loan of R800 000 from the Vumela Fund, Monabo Hygiene Services was able to secure and deliver on a major contract at the University of Pretoria – showcasing its ability to manage larger scale operations with efficiency. Demonstrating strong financial discipline, the company successfully exited the Vumela Fund just over a year later, having fully repaid the loan by June 2025.

In recognition of Monabo Hygiene Services’ exemplary compliance and financial discipline, the end of the loan term saw a full reimbursement of all interest paid.

“This milestone highlights the company’s commitment to operational excellence and responsible financial management – principles that continue to drive its growth and success,” says Investee compliance officer team lead Tasneem Kader, from Edge Growth.

Through this support from the Vumela Fund, FNB Business and Edge Growth, Monabo Hygiene Services has also been able to sustain and expand its job creation drive, ensuring a positive contribution to both the community and the economy. This is particularly meaningful, given Monakedi’s dedication to empowering women, supporting their growth from entry-level roles to managerial positions across diverse industries. She has not only secured her place at the table but also consistently creates space for others to thrive.

Palesa Moeletsi, SME Business Development Support manager at FNB, says: “At FNB, we believe that meaningful partnerships and innovative funding solutions are essential to unlocking the growth potential of South Africa’s SMEs. Through the Vumela Fund and our collaboration with Edge Growth, we provided not only access to capital but also the strategic support and mentorship that high-growth businesses need to thrive. The success stories we see, like Monabo Hygiene Services, demonstrate the real impact of targeted, collaborative support in driving sustainable growth and job creation in our country.”

FNB Business and Edge Growth have seen what is possible through collaboration and financial support, mentorship and ecosystem interventions. With SMEs playing such a vital role in driving economic growth, creating jobs and promoting inclusive participation in South Africa’s economy, these collaborations are only set to grow.