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Tax compliant South African small business owner? Apply for relief from Rupert

31 March 2020 9:24 AM
Tags:
Patrice Motsepe
African Rainbow Capital
Naspers
African Rainbow Minerals
Johann Rupert
Motsepe Foundation
Sanlam
Nicky Oppenheimer
Refilwe Moloto
small business
sme
remgrow
coronavirus in South Africa
covid-19 in south africa
solidarity fund
Business Partners Limited
David Morobe

Your race matters not! 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” …

Pixabay.com, 2019

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.

They must be tax compliant South African businesses… we require financial statements… things that corroborate information that this is a viable business that was impacted by Covid-19…

David Morobe, Regional General Manager - Business Partners Limited

Some sectors have been impacted more than others. Tourism, the entertainment industry, restaurants… but we want to cover broadly… manufacturing…

David Morobe, Regional General Manager - Business Partners Limited

It doesn’t matter what race you are…

David Morobe, Regional General Manager - Business Partners Limited

We thought long and hard… the idea is to provide cashflow support… We’re looking at a combination of grants and low-interest loans… For instance, it could be an initial grant and a loan with no interest for the first 12 months… We’re looking at debt finance over 60 months…

David Morobe, Regional General Manager - Business Partners Limited

For more detail, listen to the interview in the audio below.


31 March 2020 9:24 AM
Tags:
Patrice Motsepe
African Rainbow Capital
Naspers
African Rainbow Minerals
Johann Rupert
Motsepe Foundation
Sanlam
Nicky Oppenheimer
Refilwe Moloto
small business
sme
remgrow
coronavirus in South Africa
covid-19 in south africa
solidarity fund
Business Partners Limited
David Morobe

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