This scheme provides financial assistance and aid for small and medium enterprises (SMEs) negatively impacted by the coronavirus disease (COVID-19).

APPLICABILITY
PERIOD

R100m seed funding, focus on SMME’s whose turnover does not exceed R10mil, each request evaluated on a case by case basis.

QUALIFICATION CRITERIA

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
REGISTER /
APPLY?

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.

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