Business Partners, the company that is responsible for disbursing the Rupert’s Business Fund under the name,’ Sukuma Relief Programme’ has announced that businesses across different sectors in South Africa will start receiving money from Tuesday the 14th of April.
The main purpose why this fund was created is to help small and medium businesses which are negatively affected by the Covid-19 pandemic which has caused the country to go under lockdown.
Application for the Sukuma Relief Programme was opened 3 April 2020 and subsequently closed by the 6th of April after Business Partners announced that the response from interested businesses was overwhelming and exceeded the available Capital of R1 Billion to a staggering total of R2.4 Billion.
However, not all hope is lost if the fund was closed before you could hand in your application because of Business Partners is hoping to raise more capital to support more businesses.
“We will be making calls and requests to other benefactors to donate additional capital to the fund,” Bierman said.
“We should have all of our documentation and processes ready over the Easter weekend, and maybe in the early part of next week we will be successful in raising additional capital.”
For formal sole traders, the fund offers a grant of R25,000 per qualifying business which will be used to costs for a business’s ongoing costs for running the business. Also known as overhead costs.
Closed corporations, companies, and trusts can apply for financial aid in the form of an unsecured interest-bearing loan of between R250,000 and R1 million.
These loans are also coupled with a non-repayable grant of R25,000 per qualifying business.