Fund Name

Strategic Projects Fund (SPF)

Agency

NEF

Type

Loans & Equity

Sector

Infrastructure

Summary

The Strategic Projects Fund (SPF) is a NEF venture capital fund established to increase black participation in early-stage, strategic industrial projects across key government-identified sectors, providing seed capital for feasibility studies and project development through six stages to financial closure and beyond.

The Strategic Projects Fund (SPF) is a unit of the NEF established with a mandate to increase the participation of black people in early-stage projects. It is aligned to national government policy and seeks competitive opportunities for the South African economy with black participation built in from the outset of projects — not only at equity closure stage.

The SPF’s core function is to provide Venture Capital Finance aimed at developing South Africa’s new and strategic industrial capacity within sectors identified by government as key economic growth drivers. Projects are taken through six stages of development: Scoping and Concept Study; Pre-Feasibility Study; Bankable Feasibility Study; Financial Closure; Construction Phase; and Technical Completion.

Established in 2008 as a division within the NEF, the SPF takes a leading role in early-stage projects by identifying, initiating, scoping and developing projects in government-priority sectors.

Who this is for?

The Strategic Projects Fund is aimed at:

  • Black-owned and managed enterprises participating in strategic sector projects at early stage
  • Entrepreneurs and consortia seeking to develop new industrial or infrastructure capacity
  • Black South Africans seeking participation in new sector industries built from the ground up
  • Entities pursuing projects in government-identified strategic sectors
  • Youth-owned and women-owned enterprises engaged in strategic projects
  • Small, medium and large enterprises (6+ employees)

What support/funding you can get

  • Finance type: Venture Capital Finance / seed capital
  • Uses: Feasibility studies, project development, and early-stage project financing through to financial closure
  • Scale: Suited to large, capital-intensive strategic sector projects (typically R1 million and above)

What you can use it for?

The SPF funds projects through six stages of development:

  1. Scoping and Concept Study
  2. Pre-Feasibility Study
  3. Bankable Feasibility Study
  4. Financial Closure
  5. Construction Phase
  6. Technical Completion

Eligible sectors include:

  • Agriculture
  • Business Process Outsourcing (call centres, data storage, termination centres)
  • Textiles
  • Mining, Mineral Processing and Mineral Beneficiation
  • Automobiles
  • Renewable Energy and Biofuels (solar, biomass, hydro, co-gen and wind)
  • Plastics
  • Pharmaceuticals and Chemicals
  • Forestry, Pulp and Paper
  • Infrastructure (telecoms, healthcare, roads, rail, airports, dams and water)
  • Manufacturing
  • Tourism (hotels, resorts, tourism attractions and leisure)

The sector list is a guideline; the SPF evaluates each project based on economic merit and its ability to deliver on the Development Mandate.

Key requirements and conditions

  • Project must increase participation of black people in early-stage strategic sector projects
  • Must align to government’s national industrial policy framework (dtic NIPF, IPAP, New Growth Path)
  • Business or project must demonstrate economic merit and developmental impact
  • Black ownership is a key criterion (minimum 51%)
  • Projects are developed through a structured 6-stage process from concept to technical completion
  • Focus on creation of new manufacturing/industrial capacity and new jobs (not replacement capital)
  • Investment in economically depressed areas or poverty nodes is encouraged

How the application works

The SPF identifies, initiates, scopes and develops projects within its mandate. Applicants or project sponsors can engage the NEF to present their project proposal. The SPF evaluates projects based on economic merit, black participation, alignment to government priority sectors, and developmental objectives.

Projects are taken through the SPF’s structured 6-stage development pipeline:

  1. Scoping and Concept Study
  2. Pre-Feasibility Study
  3. Bankable Feasibility Study
  4. Financial Closure
  5. Construction Phase
  6. Technical Completion

Visit the How to Apply for Funding page for guidance, or contact the NEF directly to discuss your project.

What to prepare before you start

  • Project concept or scoping document describing the strategic sector opportunity
  • Proof of black ownership or proposed black participation structure (minimum 51%)
  • Alignment statement to government industrial policy (NIPF, IPAP, New Growth Path)
  • High-level financial projections and capital requirements
  • Description of economic and developmental impact (jobs, fixed capital investment, exports, etc.)
  • Identity documents for key project sponsors and shareholders
  • Details of co-investors or foreign direct investment partners if applicable

Am I a fit for this particular fund?

You likely qualify if:

  • Your project or business is at least 51% black-owned
  • You are developing a new strategic industrial or infrastructure project at early stage
  • Your project falls within a government-identified priority sector (manufacturing, energy, infrastructure, agriculture, tourism, etc.)
  • Your project creates new industrial capacity and new jobs (not replacement capital)
  • You are seeking seed capital for feasibility studies or early-stage project development
  • Your project has a significant economic and developmental impact on South Africa
  • Your funding need is R1 million or more

You likely do not qualify if:

  • Your business or project is not at least 51% black-owned
  • You are seeking funding for an existing, established business without a new strategic project component (consider iMbewu or uMnotho Fund)
  • Your project does not fall within a government-identified strategic sector
  • Your project does not contribute to new industrial or economic capacity
  • You are seeking small-scale working capital finance only

Quick facts

Overview

  • Agency: National Empowerment Fund (NEF)
  • Product name Strategic Projects Fund (SPF)
  • What this is: A NEF venture capital fund that provides seed capital and project development finance to increase black participation in early-stage strategic industrial projects aligned to government priority sectors.
  • Geographic scope: National (all provinces)

Who this is for

  • Eligible applicant type: Black-owned enterprises and project sponsors (51%+), youth-owned (18–35), women-owned; small, medium and large enterprises
  • Sector focus: Manufacturing, Infrastructure / Energy (including renewable energy), Services (Tourism / ICT / Logistics / Film & TV), Export / Trade, Agriculture, Mining, BPO, Textiles, Automobiles, Pharmaceuticals, Forestry
  • Business stage: Idea / Pre-revenue (Concept phase), Start-up (under 2 years), Growing Business (2–5 years), Established (5+ years)

Type of support

  • Is financial support provided: Yes
  • Support form: Venture Capital Finance (seed capital, feasibility funding, project development finance)

Funding parameters

  • Funding approach: Repayable (equity / quasi-equity investment)
  • Funding range: R1 million and above (no stated maximum; suited to large capital-intensive strategic projects)
  • Funding streams: Single venture capital product covering six development stages: 1. Scoping and Concept Study; 2. Pre-Feasibility Study; 3. Bankable Feasibility Study; 4. Financial Closure; 5. Construction Phase; 6. Technical Completion

What the support can be used for

  • Eligible use of support: Feasibility studies (scoping, pre-feasibility, bankable feasibility), working capital, buildings, machinery, equipment, commercial vehicles, business expansion, energy resilience/solar, export growth, R&D/innovation, infrastructure; early-stage project development through to technical completion
  • Ineligible use of support: Small-scale working capital finance only; existing established businesses without a new strategic project component; projects outside government-identified strategic sectors; projects not contributing to new industrial or economic capacity

Information you will need to provide

Project concept or scoping document, proof of black ownership or proposed black participation structure (minimum 51%), alignment statement to government industrial policy (NIPF, IPAP, New Growth Path), high-level financial projections and capital requirements, description of economic and developmental impact, identity documents for key project sponsors and shareholders, details of co-investors or foreign direct investment partners if applicable

Key requirements and conditions

How it works

  • Application route: Direct engagement with NEF / SPF team; online application via NEF website
  • Assessment focus: Black participation level, alignment to government priority sectors (NIPF/IPAP/New Growth Path), economic merit, developmental impact, creation of new industrial capacity and jobs

Contact and routing

0861 843 633 | https://www.nefcorp.co.za/contact-us/

Additional information

Projects are developed through a structured 6-stage pipeline: Scoping and Concept Study; Pre-Feasibility Study; Bankable Feasibility Study; Financial Closure; Construction Phase; Technical Completion. The SPF is particularly focused on new industrial capacity and co-investment with foreign direct investors. Sector list is a guideline — projects evaluated on economic merit and developmental mandate.

Contact and routing

Contact the National Empowerment Fund for Strategic Projects Fund enquiries:

Application Considerations:

What You Need to Prepare Before Applying

Most applications are delayed or declined due to incomplete submissions. Preparing the items below upfront will significantly improve your chances.

Core documents (required for almost all funds)

  • Company registration documents
  • Ownership and shareholder information
  • Business plan or project description
  • Recent financial statements or management accounts
  • Project budget and cost breakdown

Project‑specific documents (depending on the fund)

  • Quotes for equipment, infrastructure, or services
  • Feasibility study or technical proposal (where required)
  • Energy solution proposal (for energy‑related funds)
  • Export contracts or buyer information (for export and insurance products)
  • Job creation plan (where applicable)
  • Turnaround or recovery plan (for distress funding)

Additional requirements

  • Proof of sector compliance or permits (where relevant)
  • Evidence of co‑funding or financing approvals (for grants and blended funding)
  • Any templates or declarations specified by the administering agency

What Happens After You Apply

  1. Completeness check – your submission is reviewed to ensure all required documents are included.
  2. Eligibility assessment – the agency confirms that you meet the fund’s basic criteria.
  3. Technical and financial review – your project and financials are evaluated.
  4. Decision and contracting – approved applications proceed to contracting and implementation.

Timelines vary by fund and depend heavily on the quality and completeness of your application.

Important Notes for Applicants

  • Approval is not guaranteed, even if all requirements are met.
  • Funding terms may be subject to final agency approval and conditions.
  • Submitting accurate and complete information is critical.
  • Misrepresentation or incomplete information can result in delays or rejection.

Interested in this fund or have some questions?

Online Enquiry

Direct Enquiry

General Enquiries

Email Address:
enquiries@nefcorp.co.za

Contact Numbers:
0861 843 633 / 011 305 8000

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