This facility is aimed at assisting SMMEs who are experiencing reduction in demand and subsequent reduction in revenues due to the Covid 19 pandemic. This Scheme seeks to ensure that SMMEs do not close down completely and that they are supported with working capital to ensure that jobs are retained in the economy.

​

Funding Terms:

• The facility will offer working capital only – strictly direct costs which should be auditable

• Maximum R500k per SMME will be considered depending on requirements

• The term of the funding will be determined by the business cash flow with a maximum of 6 months maratorium

• Loan facilities will be at an interest rate of Prime less 5%

• In case of misuse of Funds the business or individual responsible will be liable for repayment at Prime plus 10%

Qualifying Criteria:

• The business must have been registered with CIPC by at least 28 February 2020;

• Company must be 100% owned by South African Citizens;

• Employees must be 70% South Africans;

• Priority will be given to businesses owned by Women, Youth and People with Disabilities;

• Be registered and compliant with SARS and UIF;

• Seda will assist micro-enterprises to comply and request for assistance must be emailed to debtrelief@seda.org.za;

• Whereas small and medium enterprises must ensure own compliance;

• Registration on the National SMME Database – https://smmesa.gov.za

• Proof that the business is negatively affected by COVID-19 pandemic;

• Complete the simplified online application platform;

• Company Statutory Documents;

• FICA documents (e.g. Municipal accounts, letter from traditional authority);

• Certified ID Copies of Directors;

• 3 months Bank Statements;

• Latest Annual Financial Statements or Latest Management Accounts not older than three months from date of application – where applicable;

• Business Profile;

• 6 months Cash Flow Projections – where applicable;

• Copy of Lease Agreement or Proof ownership if applying for rental relief;

• If applying for payroll relief, details of employees - as registered with UIF and including

• banking details – will be required as payroll payments will be made directly to employees;

• SMME employers who are not compliant with UIF must register before applying for relief;

• Facility Statements of Other Funders;

• Detail breakdown on application of funds including salaries, rent etc.