SMEs in South Africa’s Western Cape province are being given a lifeline to assist them during the economic fallout of the pandemic and save much-needed jobs.
The local government has announced the ZAR27 million C-19 Business Relief Fund for formal and informal businesses operating within the province.
The financial grants are geared to subsidise business-related expenses (including fixed and operational costs, as well as supplier debt). Funding to qualifying formal and informal traders will be capped at ZAR200 000 and R15 000, respectively.
According to the Western Cape government, the objective of the fund is ‘to contribute to the sustainability of qualifying enterprises […] in order to emerge (post-crisis) as viable labour-absorbing businesses’.
Applications close on 12 October 2020.
