This scheme provides financial assistance and aid for small and medium enterprises (SMEs) negatively impacted by the coronavirus disease (COVID-19).
Stricted to Socially responsible (Shariah Compliant) SMMEs.
- Annual turnover of qualifying SMME to be less than R 20 million per annum.
- The minimum number of employees at the SMME at the time of application is 5
employees (excluding family members).
- Loan to SMME currently limited to R 1 million per applicant.
- Open to all South African registered businesses that operate in South Africa.
- Open to all members of all sectors, races, gender, and religious groups.
- Normal ABL creditworthiness check on each loan applicant (can be an existing or new client of ABL).
- Concerning the creditworthiness of a loan applicant, consideration will be given to the fact that the loan will not attract any charges and no capital repayment for a period of up to 12 months from the payout of loan.
- Security will be required for each loan applicant.
- Given that the main goal of the Giving for Hope Foundation is to ensure job preservation and ultimately job creation within our economy, loan applicants will need to prove employment.
- No loans to be advanced for passive income type Businesses such as property investment.
- Successful loan applicants will be required to open an account with Al Baraka Bank, free of any charges except cash deposit fees
HOW DO I
SUPPORTING DOCUMENTATION REQUIRED
- Signed annual financial statements for the period ending 28 February 2019 or later.
- Management accounts for the period ending 31 December 2019 or later.
- Summary of current borrowings from financial institutions together with supporting statements.
- Past six months bank statements.
- Copies of VAT returns from date of last annual financial statement to current.
- Details of South African Revenue Services Income tax registration number.
- Latest SARS EMP 201 and UI19.
- Latest rental statement not older than 3 months.
- Detailed written motivation as to how the business was affected by the shutdown and how the funding will assist the business.
- ID documents of all directors and shareholders.
- Proof of address of directors and shareholders.
- Confirmation of managing director if there is more than one director.
- Marriage certificate if applicable.
- Entity registration document.
- Letter of shareholding for entities registered as companies.