The local banks (Absa, First National Bank, Investec, Mercantile Bank, Nedbank and Standard Bank) (the “Partner Banks“) have partnered with SAFT (an independent trust set up by the Oppenheimer family) to extend financial support to SMMEs.
SAFT funds will be disbursed as concessionary loans to qualifying SMMEs, and these loans will be interest-free over a 5-year term and will be administered by the Partner Banks on behalf of SAFT.
SMMEs who meet the following criteria will be eligible for support:
- their turnover is below R25, 000, 000 per annum;
- the business has been adversely affected by COVID-19;
- they have been trading for at least 24 months; and
- the business was sustainable on 29 February 2020.