Small businesses can benefit from the Debt Relief Fund

The Department of Small Business Development has announced that a Debt Relief Fund is on the horizon to assist small businesses affected by the COVID-19 crisis. It is aimed at providing relief on existing debts and repayments to assist SMMEs during the period of the pandemic.

The department has been overwhelmed with enquiries from small, medium and micro enterprises (SMMEs) about measures to mitigate the financial impact of the virus on their businesses, interruptions in productivity and loss of income.

According to the department, business owners must demonstrate a direct link between the impact or potential impact of the pandemic on their operations to be eligible for assistance. For eligible businesses, the fund will offer working capital, stock, bridging finance, order finance or equipment finance. The amount allocated will be based on the funding needs of each business.

Originally written by Sibongile Khumalo, Fin24

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