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R450 million SMME Support Programme established to help businesses that suffered during unrest

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The National Empowerment Fund (NEF) and the Solidarity Fund have established an R450 million SMME Support Programme for businesses that suffered losses in the widespread unrest in Gauteng and KwaZulu-Natal in July.

The damage to businesses is estimated at over R30 billion. NEF CEO Philisiwe Mthethwa says the relief will consist of a combination of zero rated loans and grants.

“A total of R450 million has been allocated to the NEF solidarity funds Humanitarian Crisis Relief we call it a blended because it is going to be a combination of a loan portion and grant portion. So we are going to blend the loan that we will be providing at zero interest rate and the other portion is going to be coming in as a grant. We are obviously exceedingly grateful to our partners the Solidarity Fund Humanitarian Crisis Relief Funds committing a total of R150 million to allow for the grant portion to go to these businesses,” Mthethwa explains.

A beneficiary of the Relief Fund, Nomfundo Mcoyi, says 24 branches of her business were damaged and looted during the unrest.

Mcoyi is the founder of the Icebolethu Group.

“And presently we have about 120 branches in KZN 24 of those were looted amongst the 24, three were burnt to ashes, we lost a lot. But thanks NEF came through. Yes it was a lengthy process but we had all the documents they needed. They have made payments to us. We started renovating our branches. About 60% of them are back, we managed, all our staff stays, they did not lose their jobs they are still employed. We did not retrench anyone and thanks to NEF as well,” says Mcoyi.

VIDEO: July Unrest – NEF and the Solidarity Fund announce R450 million SMME Support Programme

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