Tech Credit Fund, which says it backs entrepreneurs bringing the net to the \u2018kasi\u2019 (township), has launched a credit facility to help Black-owned internet service providers (ISPs) to expand broadband access in South Africa\u2019s townships and rural communities.<\/p>\n
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Tech Credit Fund, a subsidiary of Solcon Capital, a global investment firm that specialises in investing in technology sub-sectors undergoing significant innovation and development, says the new fund will provide up to ZAR5 million (about US$290,554) per ISP at favourable interest rates and flexible repayment terms.<\/p>\n
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The initiative aims to advance digital inclusion and support the national target of achieving universal broadband access by 2030.<\/p>\n
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Specifically, the funding will help small and medium ISPs build last-mile networks in underserved areas while stimulating local economies and creating jobs. It will cover equipment purchases and operational expenses, with milestone-based disbursements linked to project cash flow.<\/p>\n
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The launch was made possible through a partnership with South Africa\u2019s Small Enterprise Development and Finance Agency (SEDFA), an agency of the Department of Small Business Development, which provides financial and non-financial support to MSMEs and co-ops. In this case, SEDFA played a key role as a financing collaborator.<\/p>\n
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According to the news resource Bizcommunity.com, SEDFA board chairperson Nonzuzo Makanda indicated that the initiative aligns with the agency\u2019s approach to sector-focused business development, saying: \u201cThis initiative not only benefits ISPs but also contributes to expanding access to digital technology in underserved areas.\u201d<\/p>\n
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