The Engen Convoy Fund, in partnership with the Edge Action Fund, is Engen’s ESD Fund that was established to promote B-BBEE and maximise socio-economic development through sustainable supply chain transformation
The fund supports SMEs (companies with turnover of less than R50 million) within and outside of Engen’s database. The fund also provides access to finance for both capital and business development needs for entities that are at least 51% black owned and/or black female owned.
How it works
Convoy relaxes the requirements for securing business loans to qualifying ESD SMEs, meaning access to funding for small businesses who probably would not have been able to secure a loan from other traditional banking institutions. They also provide business development support for the selected beneficiaries, ensuring the long-term sustainability of these SMEs, turning them into reliable and valuable suppliers to the corporate. This is where the true life changing transformation happens for both corporate supply chains and the now-empowered SME service providers.
The fund is managed by the Edge Action Fund, part of the funding offering under Edge Growth, a registered credit provider, and is governed by Engen’s Internal Transformation Committee, overseeing the disbursement and approval of funds.
There are of course strict criteria for SMEs to be eligible for becoming beneficiaries in order to ensure the purpose is maintained and that all due diligences are served. They have already seen many success stories and business turn-arounds, such as DSES (see article above). The trust that Engen has in this process is especially evident in this regard, since two years ago it was Engen that gave DSES a chance by awarding them a contract, despite their limited direct track-record which really pivoted the business.
The rewards of making an effort towards Supply Chain Transformation in a sustainable way are high and results in success stories and wins for all parties involved.
Ask us how.
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