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Access to equity finance has been identified as a challenge for black entrepreneurs wanting to start or expand their businesses. An optimal capital structure, made up of debt and equity, is required to enable entrepreneurs to bring viable ideas into reality and to embark on larger scale projects. New entrants require substantial investments in order to be efficient producers and usually face challenges in obtaining start-up capital.


These entrepreneurs may not have the capital required for large scale entry and will often be required to provide at least 30% of own equity to get funded. Furthermore, in some cases, entrepreneurs may be required to give up part-ownership of their ideas to get the required investment. Furthermore, applications for financing can be cumbersome and lengthy, with entrants often being assessed against historical performance rather than projections. Whilst it is important to conduct proper due diligence, there is also a need for timely decision-making to enable companies to take advantage of opportunities, especially where a breakthrough may be needed in a short space of time.

Businesses go through several stages in their growth process, all of which require different forms of support; interventions necessary at the ideation stage may not be the same as those required at the stage for scaling up of the business (Bosiu, Nsomba& Vilakazi, 2019). There is therefore a need for interventions to address the different stages and needs of black businesses in terms of capital, particularly the equity gap. Equity financing can be raised through angel investors, crowdfunding platforms, venture capital firms, corporate investors, and ultimately shares can be sold to the public through an Initial Public Offering (IPO).


There are, therefore, two methods of equity financing; private placement of stock with investors and the public stock offering.

Typically, investors focus on the long term without expecting an immediate return on their investment, which allows the company to reinvest the cash flow from its operations to grow the business, instead of focusing on debt repayment. Furthermore, through the investors, equity financing can provide invaluable assistance to the business through providing management expertise, business contacts, and access to other sources of capital. Several initiatives have been introduced in South Africa to meet the different needs of black-owned businesses at different stages, with some encouraging black business participation at a larger scale than the small and micro enterprise. These initiatives have been in the form of financial support, technical support, mentorship and incubation.

There are existing equity funding instruments, but these appear to be limited somewhat. There is a need to build on existing instruments to expand reach across interests in various sectors of the economy and consider further development of equity funding support initiatives for black entrepreneurs, without the risk of losing ownership of ideas in those transactions.


The ECDC, therefore, seeks to host a Symposium on “Advancing Support for Black Entrepreneurs Through Equity Finance” as a platform for engagement on possible interventions for supporting black entrepreneurs across different sectors to bridge the equity gap to advance their interests of starting or growing their businesses. The Symposium will bring together key stakeholders from the public and private sectors to exchange ideas on the challenges, proposed interventions, possible areas of collaboration as well as a proposed action plan.

The objectives of the Symposium are to:


  • Explore the different equity instruments available for supporting black entrepreneurs.

  • Identify any gaps within the existing initiatives.

  • Explore the development of interventions for supporting black entrepreneurs through equity financing across different sectors, as well as opportunities for building into existing initiatives.

  • Come up with proposals as well as an action plan for supporting black entrepreneurs in bridging the equity gap

meet the speakers




Programme Director

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Panel Facilitator

Headlining speakers

PANEL: The challenge of access to equity finance by black entrepreneurs

PANEL: existing equity finance instruments by public institutions 

PANEL: existing equity finance instruments by Private institutions

Programme director: Ms Zanele Morrison 

09:00 - 09:15      Opening remarks and Setting the Scene:                                           Mr Vuyani Jarana 

                                                                                                                                       ECDC Board Chairperson

09:15 - 09:35       Welcome Address:                                                                            Premier Oscar Mabuyane
Eastern Cape Premier

09:35 - 10:00        The role of Government in Supporting Black                                   Minister Stella Ndabeni- Abrahams  

                             Businesses through Equity Funding                                                 Department of Small Business Development

10:00 - 10:30        TEA   


10:30 - 10:35         5-Min Video: Access to Equity Finance

10:35 - 10:50         Presentation: Research on Black Entrepreneur                              Mr Fana Marivite

                              Equity Funding in SA                                                                       CEO Bankable Models  

10:50 - 11:00         Q & A     


Facilitator: Ms Ndzinga Qunta

11:00 - 11:25       The Challenge of Access to Equity                                                   Mr. Tshepo Matsaba 

                             Finance by Black Entrepreneurs                                                      National Treasurer: National African Federated Chamber of

                                                                                                                                      Commerce and Industry

                                                                                                                                      Ms Lizelle Maurice
Executive Director: Boarder Kei Business Chamber
                                                                                                                                      Mr Langa Madonko
Deputy President: Association of Black Securities

                                                                                                                                      and Investment Professionals

                                                                                                                                      Mr Andile Nomlala
President: Black Management Forum

                                                                                                                                      Mr. Kganki Matabane 

                                                                                                                                      CEO: Black Business Council 
                                                                                                                                      Mr. Mzingaye Xulu

                                                                                                                                      COO: Riversands-iHub

11:25 - 11:35       Q & A


Facilitator: Mr Khaya Sithole

11:35 - 12:30       Existing Equity Finance Instruments by public institutions               Mr Mxolisi Matshamba

                                                                                                                                      CEO: Small Enterprise Finance Agency

                                                                                                                                      Ms Wanda Lunika

                                                                                                                                      Deal Maker: Industrial Development Corporation of SA

                                                                                                                              Mr Patrick Dlamini
                                                                                                                              CEO: Development Bank of Southern Africa
                                                                                                                              Mr George Kararach

                                                                                                                              Economist: African Development Bank

                                                                                                                                      Mr Mziwabantu Dayimani

                                                                                                                                      General Counsel: National Empowerment Fund

12:30 - 13:00      Q & A

13:00 - 14:00 LUNCH


Facilitator: Mr Xhanti Payi

14:00 - 14:40      Existing Equity Finance Instruments by private institutions               Mr Stephen Seaka

                                                                                                                                      Head of Public Sector: ABSA

                                                                                                                                      Mr Ahmed Badrodin 

                                                                                                                                      Senior Legal Advisor: FNB

                                                                                                                                      Mr Enrico Cupido

                                                                                                                                      Director: Marathon Group

                                                                                                                                      Mr Sakhile Xulu

                                                                                                                                      Managing Partner: Seed South Capital

14:40 -  15:00      Q & A

15:00 -  15:20     Small Business Finance: A public-private sector                               Mr Jeremy Lang

                                                                    partnership approach                                CIO: Business Partners Limited

15:20 - 16:20      Towards the development of a model for Black Equity                      Mr. Fana  Marivite 

                            Financing in South Africa:​                                                                 CEO: Bankable Models

                            - Presentation on research & take-aways from the session    

                            - Discussion                                                                                       ALL


16:20 - 16:30     Closure and way forward                                                                    Mr Ayanda Wakaba

                                                                                                                                      CEO: ECDC                                                                


click below to watch live on youtube

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