The seed fund grants loans that are repaid from future profits.
South African tycoon Natie Kirsh is making a two-day visit to Israel for the launch of his Natie Kirsh Seed Fund for the encouragement of new entrepreneurs who lack capital. The $5 million fund is a non-profit organization, and has already begun working with entrepreneurs who have applied for loans.
The Natie Kirsh Seed Fund seeks to help entrepreneurs who are unable to raise capital to launch new businesses. The foundation will provide start-up loans of up to NIS 100,000. Eligible entrepreneurs must be Israeli citizens and residents.
Natie Kirsh said, "The Seed Fund's management believes that people will repay the loans from future profits. The fund will reinvest the repayments to provide loans to new entrepreneurs. The fund's sponsors promise that all the repayments will be used solely to provide loans to new entrepreneurs."
Kirsh has strong ties with Israel. He is a donor to the Technion Israel Institute of Technology and is a member of its board of trustees.
Published by Globes [online], Israel business news - www.globes-online.com - on January 30, 2008
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