Willowton, Al Baraka interest-free fund already received hundreds of applications
Fast-moving consumer goods manufacturer Willowton Group and Al Baraka Bank’s Giving for Hope Foundation is processing applications for loan funding from small, medium-sized and microenterprises (SMMEs).
So far, the companies have received 257 applications, requesting R147-million in funding to preserve 3 577 jobs.
The companies last week announced they would establish the fund with an initial R100-million in seed funding available for businesses that need to preserve jobs amid the Covid-19 pandemic.
The companies were targeting to grow the fund to R500-million, and appealed to larger businesses to contribute towards the pool of funds.
Through reaching out to smaller operations which faced almost certain closure without access to funding, jobs could be saved which would, in turn, ensure that all businesses within South Africa retained markets in which to sell their goods and services, says Willowton CEO Zubeir Moosa.
He asked that willing funders provide their contributions to the fund by the end of April and said funding would be made available by the end of June.
As all loans are expected to be repaid to Giving for Hope by the end of December 2022, the trust will repay loans to contributors and cease operating by February 2023.
Moosa last week confirmed that loans would be open to all SMMEs irrespective of sector, race, gender or religion. However, loans would not be advanced to passive income-type businesses such as property investment or alcohol or gambling-related business.
SMMEs only need to start repaying the loans after 12 months from the date they receive the funds. The loans will be interest-free, profit-free and admin-cost free.
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