To facilitate increased access to financing for small and medium-sized enterprises (SMEs) in South Africa, including women-owned businesses, IFC today announced a loan to FirstRand Bank, which will support businesses in the agriculture, services, trade, construction, hospitality, and other sectors in the country.
IFC's US$150m loan will enable FirstRand Bank to increase lending to SMEs with loan sizes between US$10,000 and US$2m equivalent in South African rand, helping these businesses sustainably scale, expand into new markets, and sustain and create jobs. FirstRand will allocate 25 per cent of IFC's loan to support women-owned businesses.
