Anglo American's enterprise development and investment initiative, Anglo Zimele, aims to fund an additional 113 small enterprises through its Small Business Start-up Fund (SBSF) by the end of 2009, chairperson Godfrey Gomwe said on Friday.

A total of R25,5-million, out of the R50-million fund value, was spent on supporting small enterprises during the first year of the fund's existence. The fund was started in October 2007 and 87 loan transactions for small businesses had already been approved.

Gomwe stated that the SBSF was "the perfect fund to help build South Africa", adding that it had already helped to create sustainable businesses and economies in the areas in which Anglo American operated.

Further, the businesses had also provided jobs for 799 people.

The fund was being executed through Anglo Zimele's Small Business Hub initiative, which included 11 hubs situated outside Anglo American's Anglo Coal, Anglo Platinum and Kumba Iron Ore operations in South Africa.

These hubs provide entrepreneurs with services such as business planning, training, coaching, hands-on mentoring and accounting advice by the hub managers. Local entrepreneurs are also given access to administrative facilities such as fax, the Internet, and scanning, printing and meeting amenities.

The average loan to small enterprises was about R300 000 for each transaction, while the fund would allow for loans of up to R1-million.

Anglo Zimele MD Nick van Rensburg commented that the fund provided small business entrepreneurs in a range of industries with seed funding at preferential interest rates.

He added that the funding was mainly unsecured, but that the assets it funded remained the property of Anglo Zimele until the loans were repaid.

Further, Van Rensburg explained that the repayment rate was "exceptionally high", with almost no defaults on payments.

Meanwhile, he noted that helping women start up their own businesses was a priority, with 34% of the loans made to female entrepreneurs.

"We aim to help women in business, as they will then take care of the community," he said.

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