Gauteng launches R100m ‘rebuilding fund’
The Gauteng MEC for Economic Development Parks Tau has announced R100 million rebuilding fund to assist small, medium and micro enterprises affected by the Covid-19 pandemic and the recent looting.
Tau launched the fund on Tuesday.
He said the give days of unrest in the province in July came at an estimated cost of R3,5 billion to the local economy.
“GEP will open funding applications for the Gauteng Rebuilding Fund from today (Tuesday). The Gauteng Rebuilding Fund is exclusively for Gauteng SMMEs that were affected by Covid-19 and looting.
“The R100m fund includes a R50m contribution by the Gauteng provincial government and a further R50m from the Industrial Development Corporation. The funding, which will be offered as a 50/50 blend of loan and grant, will help businesses cover rebuilding costs, repairs, replacement of infrastructure, inventory, equipment and critical supplies. It will also cover increased business security and employee costs,” explained Tau.
Tau said the funding will not be open to businesses that have claimed from insurance.
“The R100 million rebuilding fund is a first step towards bringing economic relief to the most informal enterprises, who play a critical role in our Township economy.”
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