If you can show the effect of Covid-19 on your business, you can access the “Solidarity Fund”.
Covid-19 and society’s mobilisation to “flatten the curve” of infections is destroying small- and medium-sized (SME) businesses.
Enter the “Solidarity Fund” …
Last week, President Cyril Ramaphosa announced that Johann Rupert and Nicky Oppenheimer are each giving away R1 billion to help South African small businesses and their workers cope with the economic carnage wrought by Covid-19.
Since then Patrice Motsepe – in partnership with the Motsepe Foundation, Sanlam, African Rainbow Capital and African Rainbow Minerals – pledged R1 billion to the fund while Naspers – Africa’s largest tech firm – committed R1.5 billion.
Business Partners Limited (BPL) – of which Rupert’s Remgro owns 42.8% – will administer the Fund.
Refilwe Moloto asked David Morobe (Regional General Manager at Business Partners) how to access the funding.
BPL is working on guidelines and systems to ensure funding reaches businesses that need it most.
There’ll be separate programmes for sole proprietors and formal SMEs to ensure broad support.
BPL is finalising conditions, repayment terms and application processes.