Distressed SMMEs, co-operatives, informal traders and hawkers in the North West province are invited to send applications for the COVID-19 Relief Fund.
The North West COVID-19 Relief Fund was established by the provincial Department of Economic Development, Environment, Conservation and Tourism (DEDECT) and will be managed by the provincial economic development entity - the North West Development Corporation (NWDC).
MEC for DEDECT, Kenetswe Mosenogi, said the relief measures offered by the fund will assist in sustaining provincial enterprises during this economic crisis, which has seen many shutdown their businesses.
“Small businesses and informal traders play an important role in the growth and development of the provincial economy. As such, we developed these relief measures to enhance the sustainability of small businesses and informal traders to ensure retention of jobs,” Mosenogi said.
Eligible applicants will be able to apply for funding ranging from R1 000 to R100 000.
The applications for the fund will be made available on the NWDC and DEDECT websites from 1 June 2020.
Considering that every business is unique, Mosenogi said each application will be evaluated on a case-by-case basis, depending on the availability of funds.
The North West COVID-19 Relief Fund will offer assistance including:
- Formal Business (SMME) COVID-19 Relief Interventions for companies registered on the Companies and Intellectual Property Commission (CIPC);
- Stock Relief Intervention;
- Rental and Municipal Bills Relief Intervention;
- Income Relief Intervention, and
- Informal Business COVID-19 Relief Interventions for businesses not registered on the CIPC.
To be able to apply for the North West COVID-19 Relief Fund, applicants need to meet a number of basic requirements, where applicable, to their type of business.
These include an Identity Document and Proof of Trading for 12 months in the North West province, including an affidavit/letter from Tribal Authority for informal businesses not registered on the CIPC.
Formal businesses registered on CIPC need to produce:
- Proof that the business is negatively affected by the COVID-19 pandemic (such as four months bank statements (January – April), copies of municipal bills, rental bills, stock purchase receipts etc.;
- Certified copies of Identity Documents of business owners;
- Proof of Trading for 12 months in the North West province (affidavit/letter from Tribal Authority), and
- South African Revenue Services (SARS) compliance documents.
The application forms for the fund will be available on the NWDC website www.nwdc.co.za/small-business/Covid19 - from 01 June 2020.