Funding and SME support set to unlock between 60-90 jobs in mining sector.
FB Mining manufactures ventilation seals and lifting equipment, serving predominantly the Platinum Industry. Their MD, Andrew, is a seasoned Entrepreneur who saw an opportunity in mining ventilation services over 5 years ago. Together with his dad Will, they bought FB Mining, turned the business around and introduced new, disruptive technologies to the product offering.
Andrew approached The Vumela fund to help them harness the opportunities for growth in the mining sector.
Edge Growth, through the Vumela Fund, worked with FB Mining to address some of their constraints to growth, building a platform for growth and job creation
- Empowerment: FB Mining required a BEE partner to comply with the mining charter's requirement of 26% black ownership when turnover starts to exceed R50m p.a. gaining them access to market
- Providing access to finance: In order to aggressively target growth into the coal mining sector, FB Mining will need access to additional finance in the short and medium term
- Strategic support. Vumela, through Edge Growth, has been and is able to introduce FB Mining to procurement offices of multiple mining clients not yet served by FB Mining. Edge Growth will also help develop a sound growth strategy through its competitive strategy and SMME development expertise
These interventions are estimated to create between 60-90 additional jobs, generating sustainable livelihoods for many families in the future. FB Mining epitomises the South African dream of pioneering new products and services to creatively serve and build the mining sector.
Fund designed to channel investment from the savings and investment industry into SME development.
Through tailored growth support and access to funding, this business has been able to increase its turnover by 50% in the space of 3 years.
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