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Looted Businesses Will Receive Funding

closed business

Businesses affected by recent looting incidents will soon receive funds to help them get back to business.

The National Youth Development Agency (NYDA) has launched the Youth Enterprise Rebuilding Fund.

Youth Enterprise Rebuilding Fund only applies to youth owned enterprises who have been affected by looting and have no form of insurance cover.

“The fund will exist alongside other forms of government support to business and jobs in these challenging times. Details of the fund are available on the NYDA website www.nyda.gov.za.

“The NYDA encourages all young people who may have been displaced from employment because of the recent violence to apply for support from the Unemployment Insurance Fund. Details can be found on https://ufiling.co.za/uif/ or through a Department of Employment and Labour Centre,” said the NYDA.

Applications for the fund are currently open and will be closing on 30 July 2021.

Businesses that are insured do not qualify for funding from the NYDA. These businesses will be covered by SASRIA, as mentioned by the President during his address on Sunday evening. 

SASRIA is a government owned insurer that provides cover to businesses in South Africa. 

"SASRIA has committed to expedite the payment of all valid claims, and is working together with private insurers to ensure that assessments are completed without delay. Government will ensure that SASRIA is able to honour all of its obligations and will provide whatever support is necessary in this regard."  said President Cyril Ramaphosa.

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