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The NEF Economic Recovery Fund - National Empowerment Fund

Posted on Saturday, 21 August 2021  54 Views

The NEF Economic Recovery Fund

Supporting the recovery of businesses after civil unrests

As part of Government’s comprehensive solution to support the recovery of businesses that were recently affected by the spate of civil unrests across Gauteng and KwaZulu Natal, the National Empowerment Fund (NEF) has rolled up its sleeves to help rebuild the economy, save jobs and restore the supply of goods and services to communities, following allocation of R250 million by the dtic to the development financier.

The NEF has deployed teams of investment professionals to the troubled spots to help affected businesses.

Criteria for funding

  • The business must be located in Gauteng and KwaZulu Natal and must demonstrate that it was affected by the riots and the unrests;
  • The business must either be a registered company, close corporation or co-operative;
  • The applicant must be a taxpayer in good standing and must provide proof thereof from SARS;
  • Demonstrate that the jobs lost during the unrests will be restored or increased within 12 months of funding;
  • Where a business is insured, funding can be provided as bridging finance against a cession by the insurance company of the insurance proceeds.

The following terms will apply to the funding:

  • A maximum of R10 million loan funding will be provided per transaction;
  • The funding will not accrue any interest;
  • The maximum tenure for a loan will be 60 months;
  • An amount of R3 million of the funding shall be convertible into a grant at the discretion of the NEF if the business achieved the milestones and developmental objectives set by the NEF, and
  • All recipients will be required to have a South African Special Risk Insurance Association (SASRIA) or an equivalent insurance cover going forward

Applicants can submit their applications to the following email address: recoveryfund@nefcorp.co.za

Queries can be made at the following telephone number: 0861 843 633 (0861 THE NEF).

Supporting Documents and Media

CLICK items to view and/or download.

The NEF Economic Recovery Fund - National Empowerment Fund
TUSHIYAH

Head Office: Fourways Golf Park
Nr 32 Roos Street
Fourways | Gauteng | South Africa

Tel: +27 (0)11 202 5029 | Fax: +27 (0)86 541 1767

 

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3 Eldorado Precinct
Kuruman | Northern Cape | South Africa

 
Tel: +27 (0)81 023 209 | Fax: +27 (0)86 541 1767

 

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