In its continuous efforts to rebuild businesses, enterprises and livelihoods that were adversely affected by the violent looting and unrests that took place in KwaZulu-Natal and Gauteng last month, government has put together a funding package in support of various business recovery interventions.
The Department of Trade, Industry and Competition (DTIC) and its development finance institutions – the Industrial Development Corporation (IDC) as well as the National Empowerment Fund (NEF) have collectively put together a R3.75 billion loan package in support of various business recovery interventions. The aim is to provide industrial loan support at zero percent interest rate to affected companies towards rebuilding of infrastructure, equipment, fittings for premises, stock and working capital.
Part of the economic rebuilding package is a comprehensive package by the IDC that offers funding support for businesses and communities affected by the unrest to the tune of R1.5 billion. This includes a R100-million matching grant facility to support small and informal businesses in the townships, rural areas and small towns affected by the unrest. The fund is designed to target the socio-economic challenges facing these businesses, as a result of this recent unrest.
In addition, R400 million has been set aside under the Manufacturing Competitiveness Enhancement Programme (MCEP) Economic Stabilisation Fund. The fund will support manufacturing companies and related services affected by the unrest, including those impacted by associated supply chain disruptions. This fund will offer concessionary funding to affected companies through interest-free loans to preserve and grow jobs as well as restoration of value chains.
Eligible affected businesses that wish to apply for this funding can obtain further details, from the DTIC and other participating institutions as follows:
- DTIC: via email on firstname.lastname@example.org or by calling 0800 006 5434
- IDC: by mailing email@example.com or 011 269 3111
- NEF: email firstname.lastname@example.org or call 0861 843 633
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