Wesgro, in partnership with the Western Cape Government and the City of Cape Town, has launched a tool to help South African businesses find funding.
The tool, called the COVID-19 Support Finder, is aimed at making it easier for businesses to navigate the various packages available to them.
The tool asks the user five questions, ranks the answers against predetermined criteria, and provides a list of relief measures the business can apply for.
While this tool was developed by the Western Cape Government, it is open to all businesses in South Africa.
“The lockdown is essential to stop the spread of COVID-19, but we know that times are tough for business,” said the Western Cape’s Minister of Finance David Maynier.
“That is why, now more than ever, we want to support businesses by giving them trusted information that will help them get through this, stay safe, and stay resilient.”
Support for businesses
There has been several support measures for businesses launched from both the private sector and government departments recently.
The government has established a Solidarity Fund, which includes private donations and seed capital from the state, to help businesses.
The Rupert family and Remgro have established a R1-billion fund called the Sukuma Relief Programme to assist SMEs with grants and loans.
Nicky and Jonathan Oppenheimer have also established the South African Future Trust (SAFT), with R1 billion in funding.
The SAFT will transfer funds directly to employees of participating SMMEs, via interest-free loans where employees themselves carry no liability.
Mary Oppenheimer, along with her daughters, has donated R1 billion to the Solidarity Fund to assist struggling South Africans.
Additionally, Patrice Motsepe and associated companies have pledged R1 billion which will be used to assist providing medical equipment to assist with the crisis.
Naspers has donated R1.5 billion to combat the coronavirus in South Africa and help businesses, too.
R500 million was donated to the Solidarity Fund, and the rest will be used buy personal protective equipment and other medical supplies.
Helping businesses to find the best option
Wesgro CEO Tim Harris said their tool makes it easier for businesses to navigate the various packages available to them.
“We’re here to help businesses navigate the complex funding environment in a unique and user-friendly way,” said Harris.
“Together with our government partners, we will constantly keep the tool up to date to help companies adapt in this time of crisis.”
The interview below provides more details about the COVID-19 Support Finder tool for businesses.