Covid19 SA Government Response – SMME Relief Finance Scheme
The Department of Small Business Development has announced an SMME Relief Finance Scheme, aimed at providing soft-loan funding and assistance to small businesses that can prove loss of income due to the coronavirus pandemic.
The relief will be for 6 months, starting 01 April 2020.
SMMEs needing assistance for longer than 6 months will be assisted depending on the SMMEs needs.
The fund will support all demographics, across industries, and the interventions will be structured to match the patterns of the business’s cash flow.
Businesses must register on the newly launched www.smmesa.gov.za. The database will be used for financial and non-financial support, access information about business opportunities and access to market opportunities.
Qualifying companies must:
- Be 100% South African owned
- Have 70% South African employees
- Be compliant with SARS
Non-compliant SMMEs will be assisted with the compliance process by the department.
A separate and tailor-made facility for the informal sector, Spaza shops and the self-employed will be announced by the end of this week.
