COVID 19 Relief Mechanisms Private funding for small corporations

1. COVID-19 RELIEF
MECHANISMS
Small Business Sector
Private funding
contact us: askmecovid19@houseofgrowth.co.za
Business Partners Ltd
Appointed as administrator for disbursing R1 billion
donation made by Rupert Family to assist SME businesses
affected by the COVID-19 pandemic and their employees.
Information and application forms will be available on the
website www.businesspartners.co.za, by Wednesday, 1 April
2020.
Information in this document is subject to change, due to the quick changing economic environment and developments.
SAFT (South African Future Trust)
Established by Nicky and Jonathan Oppenheimer.
A R1 billion fund available from 3 April 2020 to South
African businesses impacted by the coronavirus. The money
will be paid out directly to employees of small, medium and
micro-sized businesses as interest-free loans over a 5 year
term.
Employees themselves will not be liable to pay the money
back, but companies will be.
It is expected that the typical loan amount per employee
will be around R750/week, for a period of 15 weeks.
The scheme is currently available to clients of the four
banks, ABSA, Nedbank, Standard Bank and FNB. SMMEs
need to apply through their main bank.
Interest-free for a five-year period
Subordinated to other pre-existing debt
Terms
Annual turnover below R25 million
Must have been trading for at least 24 months
It must have been a sustainable business at 29 February 2020
It must have been adversely affected by the Covid-19 outbreak
Eligibility criteria for SMEs
Company identification:
Registration number (for CCs)
Master’s reference number (for trusts)
ID number and address (for sole proprietors)
PAYE number
Income tax number
Confirmation of employment status of employee
Needed documentation