How to get funding for your business during the COVID-19 lock down:
Has your business suffered during the COVID-19 lock down? Here are some places where you can access funding for your company or small business.
By Fred Felton
Apr. 10, 2020
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| Image: https://pixabay.com/users/FirmBee-663163 |
With the President of South Africa having extended the lock down to the end of April you might need to access some much needed funding for your business. Thanks to the government and various organisations there are various options for you whether it be a grant, a loan or a different selling outlet for your business.
Here are some of the options to look at:
COVID-19 SMME EMERGENCY FUNDING PACKAGE
This funding is provided by the Department of Small Buisiness Development, SEDA and SEFA. This funding is split between a Business Growth Facility, SMME Relief Finance and a restructuring of sefa-funded SMME’s. To access this fund you first have to register on the national SMME database. There are a number of qualifying criteria which you need to be aware of when you apply.
You can also call the hotline on 0860-663-7867
IDC COVID-19 ESSENTIAL SUPPLIES INTERVENTION
The IDC is providing financing for a variety of companies involved in essential services especially emergency services. If you provide any of these products you can apply: Disinfectants, sanitizers, masks, test-kits, medical gloves, packaging, toilet paper, wipes, tissues, sanitary pads, cleaning materials, chemicals, approved drugs, ventilators and filters, nebulisers, hospital beds, oxygen, aprons, safety visors, various raw materials. There is a great deal of qualifying documents you will need to have.
For more info visit: https://www.idc.co.za/2020/03/24/idc-interventions-in-response-to-covid-19/
NATIONAL EMPOWERMENT FUND MANAGING A R200M COVID-19 INTERVENTION FUND ON BEHALF OF DTI
This fund will assist manufacturers that deal in the following: health care related products. You need to provide valid or verifiable orders. The funds can be used for working capital or acquiring equipment. This fund is for majority BEE owned companies.
For more info visit: Application Form
TOURISM RELIEF FUND FOR SMME’S
This fund provides a once-off grant for small micro and medium sized enterprises in the tourism sector. The fund is capped at R50 000. There are various criteria which you will need to qualify for. It is aimed at Hotels, Lodges, B&B’s, Guest Houses, Backpackers, Restaurants (not attached to hotels); Conference Venues (not attached to hotels); professional catering, attractions, Tour operators, Travel agents, Tourist guiding, Car rental companies and Coach operators.
PROUDLY SOUTH AFRICAN PROVIDING ASSISTANCE
Proudly SA is helping companies with supply chain problems at the moment and will be referring qualifying companies to the DTI for help.
You can also join Proudly South African and load your products onto www.rsamade.co.za where clients can buy them. This gives you a platform for online shopping and ecommerce.
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