Nurcha is an innovative construction finance company that supports the national programme to house all South Africans in sustainable human settlements. Nurcha provides bridging finance to contractors and developers involved in the construction of Subsidy Housing, Affordable Housing, Community Facilities and Infrastructure. Nurcha is a section 21 company (not for gain) and is funded by the South African Government in partnership with the Soros Economic Development Foundation, various overseas donors and other commercial lenders. Established in 1994, Nurcha is a development finance institution with considerable experience in construction finance. In the last 15 years we have provided loans to developers and contractors for the construction of close to 320 000 homes and a large number of infrastructure projects throughout the country.
Nurcha is specially geared to provide construction finance for contractors or developers who cannot easily access finance from the conventional financial institutions. Each contractor or developer has unique needs and levels of experience. Some require a more closely managed approach than others, including assistance with project and cash flow management, material procurement etc. Nurcha assesses the needs of each applicant and structures the loan accordingly, providing a comprehensive range of construction support services where necessary.
In October 2009 Nurcha entered into a new working relationship with our intermediaries, Sebra and Tusk, to form a joint venture under the single Nurcha brand that draws on the strengths of all three companies and offers better co-ordinated and more efficient operations. Tusk manages loans to contractors for infrastructure and community facilities, while Sebra manages loans for subsidy housing. The joint venture better positions Nurcha to offer clients a broad range of services that encompasses all these areas, under one roof. It also promotes more efficient, co-ordinated operations and provides the company with a national presence.
The venture further secures the relationship between the three companies and works to reduce confusion in the marketplace caused by contractors and employers dealing with both Nurcha and its intermediaries.
As part of the realignment, intermediary offices have been rebranded as Nurcha offices. These branches are staffed, managed and funded by the intermediaries, but trade as part of the Nurcha Group. As such, they offer the complete set of Nurcha products and services.
Contractors now deal with a single entity (the Nurcha joint venture) which services both their loan and support needs, while only paying a single fee for these services.
In financing successful and profitable development projects, Nurcha contributes to the growth of the smaller, mainly black-owned construction companies. This is empowerment as it should be: adding value; creating jobs; helping mainly previously disadvantaged South Africans to reap the economic benefits of the political transition.
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