Standard Bank, Sefa partner to help spaza shops

3rd June 2020 By: Marleny Arnoldi - Creamer Media Online Writer

Standard Bank has partnered with the Small Enterprise Finance Agency (Sefa) to help spaza shops operating under the constraints of the Covid-19 pandemic.

The agency helps spaza shops secure government funding, which can then be used to buy stock from Sefa-approved wholesalers at discounted prices.

Standard Bank recognises its role in helping small businesses as they play a critical role in driving the economy and providing essential goods in townships and rural areas, especially in these times of limited movement.

Qualifying spaza shop owners are now able to go to any Standard Bank branch and get assistance in completing the Sefa application form for funding.

All frontline bank employees are equipped to support shop owners who have queries about this offer and can direct them to the appropriate places.

Once Sefa approves funding, the beneficiaries will be notified to visit their nearest Standard Bank branch to collect their card, into which the funds will be deposited. The funds are not withdrawable and can only be used to buy stock at Sefa-approved wholesalers.

To qualify, spaza shop owners must be managed and operated by a South African citizen, registered on government’s small business portal, hold a municipal permit licence to trade and be registered for tax.