NEF Covid-19 Fund

14 April 2020

As South Africa enters the nation-wide lockdown declared by President Cyril Ramaphosa this week to contain the spread of the Covid-19 pandemic, black entrepreneurs can look forward to funding of between R500,000 and R10 million in concessionary loans to purchase machinery, equipment and raw materials and to fund other working capital requirements for the manufacture and supply of medical masks, sanitisers, dispensers and related healthcare products.

“In partnership with the Department of Trade, Industry and Competition (the dtic) the National Empowerment Fund (NEF) will facilitate funding for black entrepreneurs to manufacture and supply a range of medical products to help the country flatten the curve of this deadly global virus.

“A total R200 million has been set aside for the purpose, and once disbursed black entrepreneurs will be accorded a 12-month repayment holiday to help their businesses stabilize. The loans will be offered at 0% interest for the first year and thereafter at 2.5% per annum. The loans will be repayable over a maximum term of 60 months. This is in line with the NEF’s mandate as a development financier to champion inclusive growth while responding innovatively to the challenges facing the country,” explains Philisiwe Mthethwa, NEF CEO.

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