Covid Business Support: Rupert Private Funding

Written by Pierre Dixon on 5 April, 2020
The king of the calculator is one of the co-founders of real time. His superpowers: helping his valued clients improve, and adding value to their businesses.

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

White face mask with a map of the world lying on a green background (Photo by domin_domin)

The Rupert Family and Remgro have pledged R1-billion to SMEs that have been negatively affected by the Covid-19 pandemic. Business Partners has been appointed as the administrators the Fund, known as the Sukuma Relief Programme. The Programme offers distinct financial aid to formal sole proprietors, close corporations, companies and trusts.

Formal Sole Proprietors

Overview

The Sukuma Relief Programme offers qualifying formal sole proprietors a R25,000 grant. The grant is not repayable, however beneficiaries are encouraged to pay it forward and repay as much of the grant to the Public Benefit Organisation created for the initiative as they can afford. The money will be used to provide financial aid to other business owners in need, in future.

Qualifying Criteria

  • Evidence of financial activity prior to the Covid-19 pandemic.
  • Regulatory compliant.
  • Tax compliant.

Documents Required

  • 3 months' bank statements of the business per the period 1 Dec 2019 to 29 Feb 2020.
  • Copy of ID document.
  • Copy of business licence (where applicable).
  • Copy of tax clearance certificate.

Application Process

Disbursement Process

  • Financial aid is expected to be disbursed within seven working days from the date of application.

Close Corporations, Companies and Trusts

Overview

The Sukuma Relief Programme offers qualifying Close Corporations, Companies and Trusts financial aid in the form of an unsecured interest-bearing loan of between R250,000 and R1 million coupled with a non-repayable grant of R25,000.

Terms and Conditions

  • No repayment obligations¬†for 12 months.
  • No interest to be incurred or raised for 12 months.
  • Interest to be raised at prime rate from month 13.
  • Repayment of the loan to commence from month 13.

Qualifying Criteria

  • Formally registered with CIPC.
  • Evidence of financial activity prior to the Covid-19 pandemic.
  • Regulatory compliant.
  • Tax compliant.

Documents Required

  • Annual financial statements for the financial period ended 28 February 2019, signed off by a professional accountant.
  • Management accounts for the period 1 March 2019 to at least 31 December 2019.
  • The latest available EMP201 document submitted to SARS, not older than 3 months.
  • 3 months' bank statements of the business for the period 1 December 2019 to 29 February 2020.
  • A rental (premises) statement, not older than 3 months.
  • Statements for any other credit agreements such as asset finance or trade finance loan agreements as at 30 January 2020.
  • Motivation and supporting documentation clearly illustrating the financial distress suffered by the SME as a result of the Covid-19 pandemic (i.e. reduction of turnover, erosion of working capital, inability to pay wages, rent or overheads, inability or difficulty in servicing existing debt obligations).
  • Statements of assets and liabilities of the main business owner.
  • Copies of IDs of directors, shareholders, members, and trustees as applicable.
  • Copy of marriage certificate including ANC documents, divorce certificate, or death certificate where applicable.
  • Company/Close Corporation/Trust registration documents.
  • Confirmation of bank account details issued by the relevant bank.

Application Process

Disbursement Process

  • Once approved, the first disbursement is expected within seven working days from the date of application. Thereafter the approved financial aid will be disbursed over a three-month period.

Should you require assistance or have any questions regarding the above please don't hesitate to contact us.

Keep Calm. Keep Focused. Stay Safe!

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