JOHANNESBURG - Business incubation programme Black Umbrellas this week honoured top performing small and medium enterprises during awards aimed at showcasing black-owned businesses that are sustainable, profitable and create job opportunities for those in their communities.

Black Umbrellas partners with the private sector, the government and civil society to address the low levels of entrepreneurship and high failure rate of 100 percent black owned emerging businesses in Africa.

"The businesses within the Black Umbrellas incubation programme over the past 6 years have collectively generated a turnover of R2.6 billion, created over 11,000 jobs and have a combined net asset value of R 1.1 billion," it said in a statement on this week's awards, attended by South African President Cyril Ramaphosa.

"The National Enterprise Development Awards are more than just a ceremony, they are a celebration of black excellence in business," Black Umbrellas CEO Seapei Mafoyane said.

"We are proud of all the SMEs within our programme. They have performed admirably over the past year and have changed thousands of lives through job creation and economic contribution to the country.”

- African News Agency (ANA)