The dti and IDC have launched funds to support businesses impacted by the unrest in Gauteng and KwaZulu-Natal over July.
The dti (Department of Trade and Industry) has launched a new incentive programme, the Critical Infrastructure Reconstruction Programme (CIRP), to support enterprises that were affected by the unrest and looting in Gauteng and Kwa-Zulu Natal in July. The fund provides a cost-sharing grant of 50% of the total qualifying infrastructure costs, to a maximum amount of R30 million.
The Industrial Development Corporation (IDC) Economic Recovery Fund is a R1.4 billion post-unrest Business Recovery Fund to assist businesses that operate in all sectors that the IDC supports, including the Automotive sector. Assistance will be provided through the MCEP Stabilisation Fund and the Business Recovery Fund to qualifying businesses. Support is being provided for:
* Replacement of stock;
* Machinery and equipment that was destroyed;
* Working capital shortfalls resulting from supply chain disruptions;
* Bridging finance pending receipt of insurance payment.
For more information and assistance in accessing these funds, please contact Cova Advisory and Associates business managers Dylan Jessup Email: [email protected] Or Fungai Blake Email: [email protected].