SMME Relief options of Dept of Small Business Development

[Beancounter]

The myriad of relief options are not too well disclosed and it seems there is uncertainty about what is on the table and what businesses can expect in terms of financial assistance.

A few options are mentioned at https://www.gov.za/Coronavirus/support-business

1) Debt Relief Finance Scheme
2) Business Growth/Resilience Facility

http://www.dsbd.gov.za/wp-content/up...f-Scheme-1.pdf.

According to this document, an application has to be completed and can be found here https://smmesa.gov.za/images/COVID-1...cation-BR1.pdf

So does this mean that the financial relief offered will be loans from SEDA or SEFA at a reduced interest rate? No non-repayable grants to assist through the lockdown period and the months thereafter when the impact of the lockdown is going to linger?

[Greig Whitton]

The relief funding from the Department of Small Business Development (in conjunction with SEDA and SEFA) is a low interest loan (prime - 5%), not a non-repayable grant.

[SharonPride]

Hi,

Do you perhaps know what financial relief, if any, is available to small Sole Proprietor businesses. It looks like the relief above is for only for CIPC registered businesses.

[Dave A]

I received this pdf somewhere along the way that seems fairly comprehensive, although probably a little out of date given the speed with which things change at the moment.

20200407 SA Covid-19 Relief Schemes Summaries.pdf

[ians]

I received this pdf somewhere along the way that seems fairly comprehensive, although probably a little out of date given the speed with which things change at them moment.

[ATTACH]7863[/ATTACH]

*Edit Just read the document Dave posted ...still looks like a worthwhile loan at such good interest rates.

I got paid today so i have paid all my bills for next month already ...however it sounds like a good idea to take an interest free loan for the first year ..then prime rate *plus and the best part no penalties if you pay it off in 1 year (for some)... you could fund the project you have always wanted to start interest free

[ians]

Its gona cost more for the accountant to do all this than the loan


How to apply
• The eligible businesses must prove that the relief is required as a result of the impact of
Covid-19.
• Must submit statements of financial position – over 12 months’ bank statements, balance sheet,
income statements, cashflow statements.
• Indicate the intended use of the resources.

[SharonPride]

I received this pdf somewhere along the way that seems fairly comprehensive, although probably a little out of date given the speed with which things change at them moment.

[ATTACH]7863[/ATTACH]

Thanks Dave, I have a similar document, but don't see anything that could apply. In this case it is a one man owned and run barber shop, so no CIPC reg, no AFS, no employees, and can't be classed as an informal trader, so looks like he will just have to continue fighting with the unhelpful landlord

[Beancounter]

Thanks Dave, I have a similar document, but don't see anything that could apply. In this case it is a one man owned and run barber shop, so no CIPC reg, no AFS, no employees, and can't be classed as an informal trader, so looks like he will just have to continue fighting with the unhelpful landlord

Currently the only fund where sole proprietors can apply, is the Sukuma Fund. The fund was exhausted within hours after launching. The administrators are (as far as I know) still allowing applications for consideration.

SUKUMA FAQs-Sole-Proprietors-and-Formal-Sole-Proprietors.pdf

[ians]

"I am required by law to apply BBB-EE quota on the relief fund- Kubayi-Ngubane"

[ians]

Sent off the registration for SMME relief fund and that was the last I have heard from them... anyone know if there is any money left to help small businesses?

Anyone had any luck getting any relief?

[UCB]

I applied on the 08th April. that was it as far as it goes-bear in mind that one of the application criteria is shareholder status.

[Beancounter]

Me thinks people should accept that we are all in this on our own. Dlamini-Zuma and her cronies are sidelining the pres on each announcement he makes. Of course she hasn't relinquished her aspirations of becoming the first woman dictator of communist South Africa. Tourism will remain on the slaughtering list too. I smell another agenda there. So, very quickly, start making survival plans without any hopes of help from the state or any fund.

[IanF]

Sent off the registration for SMME relief fund and that was the last I have heard from them... anyone know if there is any money left to help small businesses?

Anyone had any luck getting any relief?

Hi
From FNB with the SAFT after 2 weeks got an sms it was unsuccessful.
From SMME was asked 3 days ago for more documents and then phoned. After that nothing.
From UIF nothing just saying there are errors.
The lessor for our shop is a absolute cow so when we can we will move.

My take is you can't rely on government or anyone else. We are reopening on Monday to sell stationery to businesses (NCR books forms etc.) and some PPE lets see if a bit of cash can be brought in.

[ians]

Me thinks people should accept that we are all in this on our own. Dlamini-Zuma and her cronies are sidelining the pres on each announcement he makes. Of course she hasn't relinquished her aspirations of becoming the first woman dictator of communist South Africa. Tourism will remain on the slaughtering list too. I smell another agenda there. So, very quickly, start making survival plans without any hopes of help from the state or any fund.

She is certainly getting a lot of attention for her connections and the comment about ...people cant buy cigarettes because while they smoke they share the "skafe" which will spread the virus.

[ians]

No thanks to SMME relief ... just finished at a site meeting... my vacation (which i didnt get in December due to a factory move which worked out perfectly) has just come to an end... look like we are gona be busy for the next 2 months... thanks to this virus and PPE requirements.

I am so glad i havent taken loans and payment holidays... it looks like i will be back on target to achieve 30 year goal ...debt free and to add to my success ...i even survived a pandemic

Just the R20k electricity ... i am sure they can wait a month.