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New fund plugs the gap to support small business affected by the Covid-19 pandemic

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Government and other institutions have announced several initiatives offering funding to help businesses survive during the national lockdown. Picture: iStock
Government and other institutions have announced several initiatives offering funding to help businesses survive during the national lockdown. Picture: iStock

The head of the small business finance and regions department at the Industrial Development Corporation (IDC), David McGluwa, says the organisation has found a significant number of small businesses that are underserved by the funding interventions put in place to support them through the coronavirus crisis.

The R300 million Covid-19 small business industrial distress fund aims to plug that gap and offer businesses that qualify loans of R1 million to R15 million at prime minus 3%.

It is one of a bouquet of funds put in place to support businesses – whether existing or new clients of the IDC – which have been negatively affected by the pandemic.

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