R3.75 billion relief for restoration of businesses adversely by violent looting & unrest

Category: General
Date: 11 Aug 2021
11 Aug 2021

The Department of Trade, Industry and Competition (the dtic) would like to announce that the economic recovery support interventions announced by the Minister of Trade, Industry and Competition, Mr Ebrahim Patel a fortnight ago is open for affected businesses to apply. The R3.75 billion package is for the restoration of businesses adversely affected during the violent looting and unrests that took place in KwaZulu-Natal and Gauteng last month.

the dtic and its Development Finance Institutions, the Industrial Development Corporation (IDC) and the National Empowerment Fund (NEF) have collectively put together a funding package in support of  various business recovery interventions. The aim is to provide industrial loan support at  zero percent interest rate to affected companies towards rebuilding of infrastructure, including equipment, fittings for the premises, stock and working capital.

Part of the economic rebuilding package is a comprehensive package by the IDC that offers funding support for businesses and communities affected by the unrest to the tune of R1.5 billion.  This includes a R100-million matching grant facility to support  small and informal businesses in the townships, rural areas and small towns affected  by the unrest. The  fund is designed to target the socio-economic challenges facing these businesses, as a result of this recent unrest.

In addition, R400 million has been set aside under the Manufacturing Competitiveness Enhancement Programme (MCEP) Economic Stabilisation Fund. The fund will support manufacturing companies and related services  affected by the unrest, including those impacted by associated supply chain disruptions. This fund will offer concessionary funding to affected companies through interest-free loans to preserve and grow jobs as well as restoration of value chains.

For more information on the various interventions of the economic rebuilding package please use contacts below or click on this link:

http://www.thedtic.gov.za/wp-content/uploads/Economic_Rebuilding_Package.pdf

the dtic: recovery@thedtic.gov.za(link sends e-mail) or contact 0800 006 543

IDC: Recovery@idc.co.za(link sends e-mail) or contact 011 269 3111

NEF: recovery@nefcorp.co.za(link sends e-mail) or contact 0861 843 633

Enquiries:
Bongani Lukhele – Director: Media Relations
Cell:079 5083 457
E-mail: BLukhele@thedtic.gov.za(link sends e-mail)

More on: