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.