Covid Business Support: Oppenheimer Private Funding
Various private funders has provided funding to assist businesses during these testing times.
White face mask with a map of the world lying on a green background (Photo by domin_domin)
As one of the private funders, the South African Future Trust (SAFT), established by Nicky and Jonathan Oppenheimer, will extend financial support of R1-billion to SMME employees who are at risk of losing their jobs or will suffer a loss of income due to Covid–19.
Application
Eligible SMME employers should apply for the scheme through their preferred partner bank. A list of names of the employees at risk together with the required supporting documentation should be submitted by the SMME on behalf of the employees.
Disbursements
The preferred partner bank will directly deposit the funds into the account of the qualifying employees.
Loan Repayment
The funding will be made available in the form of an interest free loan repayable by the SMME within five years.
Partner Banks
The scheme is currently available to the clients of four banks, namely ABSA, Standard Bank, Nedbank and FNB.
Eligibility Criteria
The SMMEs need to meet the following criteria to qualify for the scheme:
- Annual turnover should be less than R25-million.
- Trading for at least 24 months.
- Sustainable business on 29 February 2020.
- Adversely impacted by Covid-19.
Required Documentation
The SMMEs will need to provide the following documentation (as a minimum) to apply for the scheme:
- The Company registration number.
- A valid PAYE registration number registered with SARS.
- A valid Income Tax number registered with SARS.
- Confirmation of permanent employment status of the employee.
It is expected that the SMMEs should be able to apply for the funding from 3 April 2020, by registering the interest directly with their bank.
Additional information can be found at https://opp-gen.com
Should you require assistance or have any questions regarding the above please don't hesitate to contact us.
We will continue to provide information as soon as it becomes available. Please be on the look at for our emails under the following heading: UPDATE: COVID-19 BUSINESS SUPPORT
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