• PepsiCo has announced a partnership with the Kgodiso Development Fund and FoodBev Manufacturing SETA to form the Mzansi Black Business Accelerator programme.
• The programme is designed to address the challenge of access to finance and accelerate growth for local food service entrepreneurs.
• The initiative will provide grant funding, loans on preferred rates, wraparound services, and training for 50 entrepreneurs.

The PepsiCo Foundation together with the Kgodiso Development Fund and FoodBev Manufacturing SETA have announced a joint initiative to form the Mzansi Black Business Accelerator programme.

It is specifically designed to address the challenge of access to finance and help accelerate growth for aspiring young, black food service entrepreneurs.

In particular the initiative will provide grant funding, loans on preferred rates, wraparound services, and training for 50 entrepreneurs to establish and grow food service businesses that will generate additional household income.

The companies explain that the additional household income will be used to uplift black women and youth (18 to 35 years old) from Gauteng, KwaZulu-Natal, and the Western Cape, who have “an entrepreneurial spirit” and who currently earn at least R10 000 per month.

“Programme participants will receive grant funding and loans on preferred rates to set up a vending machine business. In addition to the funding, participants will receive mentorship and training in various aspects of running a foodservice business. This includes understanding the location strategy for the vending machine, product mix management, and financial management,” PepsiCo highlighted in a release sent to Hypertext.

“The partnership framework between the PepsiCo Foundation, Kgodiso Development Fund, and the FoodBev SETA addresses the challenge of access to finance for young black South African foodservice entrepreneurs.  Investing in food enterprises supports our ambition to create opportunities for the people in our communities to grow and thrive,” added C.D. Glin, president of the PepsiCo Foundation and global head of Social Impact at PepsiCo.

Interested entrepreneurs are encouraged to apply for the initiative before the closing date of 16th April 2024, by visiting the Kgodiso Development Fund website here.

[Image – Photo by Jacques Nel on Unsplash]