Sukuma Relief Programme-Financial relief for businesses and individuals

Sukuma Relief Programme

Sukuma_Relief_Programme_logo

 

The Sukuma Relief Programme offers distinct and separate financial aid to formal sole proprietors and close corporations, companies, and trusts.

Business Partners will administer the R1 billion in funding support from the Rupert family and Remgro. 

This funding is available to all South African businesses.

  • For formal sole proprietors, they offer a grant of R25, 000 per qualifying business to be used to pay for overheads.
  • For close corporations, companies, and trusts, they offer financial aid in the form of an unsecured interest-bearing loan of between R250, 000 and R1 million coupled with a non-repayable grant of R25, 000 per qualifying business. The loan portion will be interest free for 12 months with no repayment obligations during this period. The loan is repayable after 12 months, and incurs interest at the prime rate from month 13, once the business is on its feet. The money can be used to cover payroll, rental, and other monthly operating overheads. There is no security requirement for the loan.

Should you be an eligible business you may apply for funding from R250 000 to R1 million for the 60 months loan if you can prove that your business is in financial distress as a result of Covid-19. No sector specific details have been provided yet, such as how preference will be given to more severely impacted sectors such as tourism, the entertainment industry, restaurants and industries which can aid in recovery such as manufacturing. It has been confirmed that there will be no financial assistance to businesses in primary agriculture, mining and non-profit organisations.

To be eligible you must:

  • be a tax compliant South African business
  • be able to prove that your business is in financial distress as a result of the Covid-19 pandemic

Business Partners will create a platform for you to apply for funding. The application process will consist of several steps you will have to go through to help Business Partners verify the existence and viability of your business. The platform will have distinct and separate financing programs available for both sole proprietors and formalized SMEs to ensure widespread support.

The following information is required to make an application:

  • annual financial statements
  • 3 months bank statement
  • proof of employees that may be assisted
  • rent statement
  • supporting documentation/ letter stating how your business is in distress as a result of Covid-19

If you are a sole proprieter click here 
For formal sole proprietors, the offer is a grant of R25 000 per qualifying business to be used to pay for overheads. 
FAST PAYOUTS
They have made their process simple and fast. You can expect to receive the financial aid within 7 working days of
your application. The timeframe is, however, dependent on you submitting all the required information.

If you are a cc, company or trust click here 
For close corporations, companies, and trusts, they offer financial aid in the form of an unsecured interest-bearing loan of between R250, 000 and R1 million coupled with a non-repayable grant of R25, 000 per qualifying business.
The loan portion will be interest free for 12 months with no repayment obligations during this period. T
The loan is repayable after 12 months, and incurs interest at the prime rate from month 13, once the business is on its feet. 
The money can be used to cover payroll, rental, and other monthly operating overheads.
There is no security requirement for the loan.

FAST PAYOUTS
We have made our process simple and fast. You can expect to receive the financial aid within 7 working days of
your application. The timeframe is, however, dependent on you submitting all the required information.

Once approved, your first payout will be made within 7 working days of your application.
Thereafter, your approved financial aid will be disbursed over a period of 3 months, subject to you submitting documents monthly which support your continued need for financial aid.