Absa and HEINEKEN Beverages launch R1.2bn funding drive to strengthen black-owned SMEs

Absa has joined forces with HEINEKEN Beverages to inject a boost into South Africa’s struggling small business sector, unveiling a R1.2 billion funding initiative aimed at scaling black-owned SMEs and strengthening economic resilience.

This HEINEKEN collaboration signals a bold step forward in driving inclusive economic growth, fostering financial inclusion, and building long-term resilience for black-owned businesses.

With SMEs contributing 34% to the country’s GDP and 60% of national employment, the partnership arrives at a critical time for inclusive growth and transformation.

The announcement comes as South Africa’s economy faces mounting turbulence.

More than 620 companies have closed their doors in 2025, GDP growth has been revised to below 1%, and court-enforced liquidations are rising sharply. A sharp rise in court-enforced liquidations highlights the growing financial distress among SMEs.

Against this backdrop, the Absa–HEINEKEN partnership offers not just capital, but structured, well-governed support designed to help small enterprises withstand economic pressures and grow sustainably.

The R1.2bn programme comprises of R600 million in Enterprise and Supplier Development (ESD) funding from HEINEKEN Beverages, administered by Absa, and R600m in co-lending from Absa for qualifying entrepreneurs.

More than 100 black-owned SMEs are expected to benefit, especially those that continue to face systemic barriers when seeking mainstream financing.

The initiative forms part of HEINEKEN Beverages’ broader Ukukhula Fund, which includes two investment vehicles dedicated to advancing transformation: the Supplier Development (SD) Fund and the Growth and Localisation (G&L) Fund.

The R400m SD Fund, allocated over five years, focuses on empowering Black-Owned and Black Women-Owned enterprises across the alcoholic beverages value chain — from agriculture and manufacturing to research and development.

Meanwhile, the R200m G&L Fund aims to deepen localisation by strengthening local capacity, supporting import replacement, and expanding opportunities for historically disadvantaged businesses within HEINEKEN’s supply chain.

Millicent Maroga, corporate affairs director at HEINEKEN Beverages, said they were committed to growing the SME sector in South Africa.

“This fund is a large-scale demonstration of our commitment to South Africa’s growth and to creating shared value across the country,” Maroga said.

“We are privileged to be investing a total of R775m over five years in local growth, through supplier development, SME support, and local businesses – through our Supplier Development Fund, Growth and Localisation Fund, and the Tavern Transformation project.”

A key pillar of the collaboration is Absa’s ability to design and deliver impact-driven financial solutions.

Stephen Seaka, managing executive for public sector and growth capital solutions at Absa CIB said, 

“This transaction reflects our commitment to redefining transformation finance, not merely through capital deployment, but by embedding governance, transparency, and measurable outcomes into every layer of the solution,”  Seaka said.

“Through this funding deal with HEINEKEN, we are enabling real social impact by driving supply chain access, localisation, and financial inclusion in a way that is scalable, sustainable, and aligned to South Africa’s long-term economic and transformation goals.”

Beyond loans, the initiative embeds a wide range of non-financial support services to strengthen business readiness.

Participating SMEs will gain access to business development resources, financial literacy training, market integration opportunities, and Absa’s national ESD and agriculture networks.

To bolster this ecosystem, Absa is contributing R1.5m annually to HEINEKEN’s business development budget, along with R100 000 dedicated to financial education. 

Vignesh Subramani, interim managing executive for SME Business at Absa Business Banking, said that “small businesses are the heartbeat of our economy, and their success is vital to South Africa’s future.

“Through this partnership, we’re not only unlocking much-needed capital for black-owned SMEs but also creating an ecosystem of support that helps them scale, compete, and thrive sustainably,” ​Subramani said.

“As the Bank of the Entrepreneur, we believe transformation is most powerful when it is practical and measurable and this initiative is a bold step in that direction.” ​

BUSINESS REPORT