Any South African Jewish majority-owned SMMEs will be eligible to apply for a loan.
The Fund will lend to intrinsically healthy SMMEs (including micro-enterprises and professionals) which were sustainable going concerns prior to the crisis, and where the funds will contribute significantly to the ongoing sustainability of the business.

The Fund will be available as a last resort lender for applicants who have considered and pursued all other options. For this reason, you will only be eligible if you have applied to the government-backed bank loan scheme for SMEs (unless you do not qualify for the scheme). The scheme is offered by all the major banks and application should be made through your existing banker.

Priority will be given to those businesses where the community impact is likely to be most effective and where it is likely to benefit the maximum numbers of stakeholders, particularly employees. Recipients must be registered for tax and regulatory compliant and must not be engaged in the weapons, gambling, sex or narcotics industries and not linked to any politically exposed persons.

The business must have been operating viably for at least the last 12 consecutive months and have been adequately capitalised prior to the crisis to maintain their operations.

Loans will range from R50 000 to R750 000 interest free for a business or group of businesses.
The loan term is anticipated between 12 and 30 months, depending on circumstances and nature of loan. (Repayment of a working capital bridge might be required in a shorter period.)
Loans will have recourse to the borrower.

The loan is a last resort loan, only intended to fund sustainable business operations with short term operating and working capital, which will include employee salaries and wages during the COVID-19 economic crisis.

Loan funds are not available for:

• Repaying borrowings or other loans unless absolutely critical to the business survival and part of an approved cash flow plan
• New initiatives and growth capital
• Personal loans or similar
• Dividends or buybacks (unless used as a substitute to genuine owners’ remuneration)

The Fund is being managed by a highly regarded team of experienced business people involved in various industries across South Africa, who care deeply about South Africa and the Jewish community’s future stability and growth. All applications will be dealt with in the strictest confidence.