Strengthening South Africa’s SME sector through targeted support and innovative funding structures remains vital to driving inclusive economic growth. Established in 2009 by FNB Business Banking and small business development specialist Edge Growth, the Vumela Enterprise Development Fund embodies this mission – serving as a sustainable, financially and operationally independent investment vehicle that empowers high-growth small, medium, and micro enterprises to deliver meaningful economic and social impact.
Many small businesses in South Africa have immense growth potential but are often constrained by limited cash flow and can miss out on valuable opportunities they could easily execute, were it not for limited liquidity and capital. Referred to as the “missing middle”, these SMEs are too large for microfinance yet do not meet the traditional credit criteria for larger financing options, leaving them struggling to access the funding needed for growth.
This is the exact position faced by Monabo Hygiene Services; a 100% black woman owned one stop cleaning provider that delivers high-quality residential and commercial cleaning services to private households, businesses, and government entities.
With over 10 years’ success servicing clients across Gauteng, the Western Cape and KwaZulu Natal, company founder and CEO, Bongiwe Monakedi, found herself at a crossroads – with the opportunity earlier in 2024 to take on a large contract but without the cash flow needed to execute it.
Monakedi applied to the Vumela Enterprise Development Fund and met the funding criteria, demonstrating strong leadership, clear organisation, and a thorough understanding of its business. With the R800 000 Accelerate Loan secured in May last year, Monabo gained the boost needed to drive its continued growth.
The company was subsequently awarded a major contract to service residences at the University of Pretoria, demonstrating its ability to handle larger contracts while maintaining a reputation for consistent, high-quality, tailored services at cost-effective rates.
Monabo successfully exited the Vumela Fund just over a year later, having repaid their loan by June 2025.
In recognition of Monabo’s 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 Banking and Edge Growth, Monabo has also been able to sustain and expand their 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. Bongiwe has not only secured her place at the table but also consistently creates space for others to thrive.