By Kaya 959 News
Gauteng and KwaZulu-Natal businesses ravaged by the unrest last month have been urged to apply for financial support.
The Department of Trade, Industry and Competition (the dtic) announced that the economic recovery support interventions are now open.
Minister Ebrahim Patel announced the economic rebuilding package two weeks ago.
“The R3.75 billion package is for the restoration of businesses adversely affected during the violent looting and unrests.
“The dtic and its Development Finance Institutions, the Industrial Development Corporation (IDC), and the National Empowerment Fund (NEF) have collectively put together a funding package in support of various business recovery interventions,” he said.
The aim is to provide industrial loan support at zero percent interest rate to affected companies towards rebuilding of infrastructure, including equipment, fittings for the premises, stock, and working capital, Patel added.
R1,5 billion funding
Patel explained that 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.
He said 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,” Patel said.
“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.”
Click here for more details about the Economic Rebuilding Package.
For more information on the various interventions of the economic rebuilding package use contacts below
The dtic: [email protected] or contact 0800 006 543
IDC: [email protected] or contact 011 269 3111
NEF: [email protected] or contact 0861 843 633