How Johann Rupert’s R1 billion Covid-19 relief fund is being doled out
Johann Rupert’s R1 billion Sukuma Relief Programme has started distributing funds to Covid-19 affected businesses.
The fund is administered by Business Partners Limited.
Sole proprietors can get a grant of R25 000 while companies can apply for a loan of up to R1 million in addition to the R25 000 grant.
Business Partners have temporarily halted applications due to the overwhelming number of applications, totalling R2.4 billion.
The Money Show’s Bruce Whitfield asked Business Partners Limited’s Ben Bierman how his company is planning to administer Rupert’s funding to small businesses.
The company I work for was created by Johann [Rupert]… He challenged us to come up with ideas… He shared it with the President, and we got cracking! … We didn’t anticipate being oversubscribed so quickly…Ben Bierman, Business Partners Limited
Mr Rupert has a soft spot for sole proprietors. We weren’t comfortable, because we don’t often serve them…Ben Bierman, Business Partners Limited
It is absolutely a donation… not a single cent will flow back to Mr Rupert… We’re not making any money out of it…Ben Bierman, Business Partners Limited
The Trust will open to accept additional donations…Ben Bierman, Business Partners Limited
We don’t provide relief to a business that was in trouble [before Covid-19] …Ben Bierman, Business Partners Limited
FNB was amazing… they’re assisting us with fraud checking… We started dispersing today…Ben Bierman, Business Partners Limited
We sign a very simple loan agreement… entrepreneurs pay it forward… repayments will contribute to future initiatives…Ben Bierman, Business Partners Limited
Only the best will survive, but we need to save as many as possible…Ben Bierman, Business Partners Limited
For more detail, listen to the interview in the audio below.
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