The Department of Trade, Industry and Competition (dtic) has announced that the economic recovery support interventions announced by Minister Ebrahim Patel, a fortnight ago is open for affected businesses to apply.
The R3.75 billion package is for the restoration of businesses adversely affected during the violent looting and unrests that took place in KwaZulu-Natal and Gauteng last month.
The dtic and its Development Finance Institutions, the Industrial Development Corporation (IDC) and the National Empowerment Fund (NEF) have collectively put together a funding package in support of various business recovery interventions.
The aim is to provide industrial loan support at zero percent interest rate to affected companies towards the rebuilding of infrastructure, including equipment, fittings for the premises, stock and working capital.
Part of the economic rebuilding package is a comprehensive package by the IDC that offers funding support for businesses and communities affected by the unrest to the tune of R1.5 billion.
This includes a R100 million matching grant facility to support small and informal businesses in the townships, rural areas and in small towns affected by the unrest.
The fund is designed to target the socio-economic challenges facing these businesses, as a result of the recent unrest.
In addition, R400 million has been set aside under the Manufacturing Competitiveness Enhancement Programme (MCEP) Economic Stabilisation Fund.
The fund will support manufacturing companies and related services affected by the unrest, including those impacted by associated supply chain disruptions.
The fund will offer concessionary funding to affected companies through interest-free loans to preserve and grow jobs as well as restoration of value chains.
For more information on the various interventions of the economic rebuilding package, those interested are advised to contact or click on the links:
The dtic: email@example.com or contact 0800 006 543
IDC: Recovery@idc.co.za or contact 011 269 3111
NEF: firstname.lastname@example.org or contact 0861 843 633 – SAnews.gov.za