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