Hermanus Siyakha (HS) works in the community to identify deserving individuals and micro enterprises that it can assist with training, mentoring and interest-free loans. HS then raises funds for these projects in the form of loans and donations via our crowd-funding website. In turn 100% of these funds are provided as interest-free loans or grants to deserving individuals and projects. Projects are identified by means of a robust evaluation process and are ones that we believe promote entrepreneurship thereby alleviating poverty and creating employment in our community.
In addition to benefiting from interest-free loans, all recipients receive training, coaching and mentoring by experienced mentors who are committed to developing and promoting the sustainability and success of these businesses.
Where we operate
Hermanus Siyakha is based in Hermanus, loans and donations are encouraged from full-time and part-time residents of the region. These funds are utilized to benefit micro-enterprises and projects primarily in Hermanus, but also in the greater Overberg region.
Hermanus Siyakha’s initial work is the identification of worthwhile entrepreneurial projects and existing micro-enterprises with the assistance of field workers and various NGO’s in the region with whom we have cooperative agreements. After completing the required administrative procedures and the project has been approved, a suitable mentor is assigned and a repayment schedule is agreed with the business owner in line with the affordability of the business, so as to ensure its ongoing viability. The project is then advertised for funding on the HermanusSiyakha website. Funds are raised primarily through the HermanusSiyakha crowd-funding website platform. Once the project is fully funded the funds are distributed to the recipients in the form of interest-free loans and, in some cases, grants. Recipients of all loans and grants are provided with appropriate coaching and mentoring from their assigned mentor in accordance with their needs in order to achieve the optimal outcome.
Capital contributions for loans are refunded to the lender once the borrower has repaid the loan in full. No interest accrues to the lender on such contributions, and no guarantee is provided that the loan will be repaid (although international experience indicates that in excess of 90% of all loans are fully repaid).
The second source of funds is via donations, these are received mainly from businesses and philanthropic individuals and trusts – these funds are paid as grants and are non-refundable.,