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Thread: SMME Relief options of Dept of Small Business Development

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    Bronze Member Beancounter's Avatar
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    SMME Relief options of Dept of Small Business Development

    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?
    No good deed shall go unpunished - Oscar Wilde

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    Silver Member Greig Whitton's Avatar
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    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.

    Founder of Growth Surge - Helping entrepreneurs create more wealth and enjoy more freedom.

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    Beancounter (06-Apr-20)

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    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.

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    Site Caretaker Dave A's Avatar
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    I received this pdf somewhere along the way that seems fairly comprehensive, although probably a little out of date given the speed with which things change at the moment.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
    Last edited by Dave A; 19-Apr-20 at 07:54 AM. Reason: fixed typo

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    Quote Originally Posted by Dave A View Post
    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.

    20200407 SA Covid-19 Relief Schemes Summaries.pdf
    *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
    Comments are based on opinion...not always facts....that's why people use an alias.

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    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.
    Comments are based on opinion...not always facts....that's why people use an alias.

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    Quote Originally Posted by Dave A View Post
    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.

    20200407 SA Covid-19 Relief Schemes Summaries.pdf
    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

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    Bronze Member Beancounter's Avatar
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    Quote Originally Posted by SharonPride View Post
    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
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    "I am required by law to apply BBB-EE quota on the relief fund- Kubayi-Ngubane"
    Comments are based on opinion...not always facts....that's why people use an alias.

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    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?
    Comments are based on opinion...not always facts....that's why people use an alias.

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