Streaming issues? Report here
kenny-show-picjpg kenny-show-picjpg
702 Music with Kenny Maistry
10:00 - 14:00
volume_up
volume_mute

Up Next: 702 Music with Nonn Botha
See full line-up
702 Music with Kenny Maistry
10:00 - 14:00
Home
arrow_forward
Business

Jonathan Oppenheimer on exactly how the R1bn lifeline for small businesses works

31 March 2020 7:41 PM
Tags:
The Money Show
Bruce Whitfield
banks
SMMEs
Oppenheimer family
Jonathan Oppenheimer
South African Future Trust
saft

Banks will administer interest-free loans on behalf of the South African Future Trust (SAFT), established by Nicky and Jonathan Oppenheimer.

The Oppenheimer family has contributed R1 billion to the Trust aimed at lessening the economic impact of the Covid-19 pandemic.

The Trust will provide financial support to the employees of small, medium and micro-sized enterprises (SMMEs) whose jobs are on the line.

The fund will be available to South Africa's SMMEs businesses impacted by the coronavirus from Friday, 3 April 2020.

Jonathan Oppenheimer says small businesses can apply directly from Absa, Standard Bank, FNB or Nedbank.

Here's how it works, according to Oppenheimer:

  • Small businesses can apply for funding of R750 per employee per week, for a period of 15 weeks.
  • The funds will be disbursed as interest-free loans over a five-year term.
  • The loans will be subordinated to any other pre-existing debt.
  • If applicants are successful, the money should be paid within 48 hours.
  • The money will be paid out directly to the employees' bank account.

To apply, banks will require information including company identification and registration details, PAYE numbers, Income tax numbers and proof of employment.

Oppenheimer says it was important for his family to stand alongside South Africans during this crisis.

He has commended South Africa's major commercial banks, National Treasury and the SA Revenue Service (SARS) for the roles they have played in facilitating this process.

The SMME that applies and puts forward these people's names is taking on a loan.

Jonathan Oppenheimer/ Co- Founder at Oppenheimer Generations 

It's an incredibly generous loan. It's for five years, it's interest-free and it's subordinated to any other debt in their business.

Jonathan Oppenheimer, Co- Founder - Oppenheimer Generations 

It's very concessionary financing... but it is still debt.

Jonathan Oppenheimer, Co- Founder - Oppenheimer Generations 

It's R750 a week for 15 weeks. That's basically the take-home pay that someone would receive.

Jonathan Oppenheimer, Co- Founder - Oppenheimer Generations 

R1 billion is a nice number but it's not nearly enough.

Jonathan Oppenheimer, Co- Founder - Oppenheimer Generations 

The South African Future Trust is in consultation with banks... It has used them to distribute that money.

Jonathan Oppenheimer, Co- Founder - Oppenheimer Generations 

The family is providing R1 billion to that Trust. The money arrived in that account today [Tuesday].

Jonathan Oppenheimer, Co- Founder - Oppenheimer Generations 

To get the SARS and Treasury to agree [to] the payments to employees, which is what this Trust is intended to do during this crisis, in a way that is super efficient so that every rand ends up their pockets so that they can buy food, has just been amazing.

Jonathan Oppenheimer/ Co- Founder at Oppenheimer Generations 

Our belief as a family is that the fingerprints that we've left on South Africa, when we've stood up in moments of crisis - like now, will be the fingerprints that are left on history.

Jonathan Oppenheimer, Co- Founder - Oppenheimer Generations 

Listen to Jonathan Oppenheimer on The Money Show with Bruce Whitfield:


This article first appeared on CapeTalk : Jonathan Oppenheimer on exactly how the R1bn lifeline for small businesses works


31 March 2020 7:41 PM
Tags:
The Money Show
Bruce Whitfield
banks
SMMEs
Oppenheimer family
Jonathan Oppenheimer
South African Future Trust
saft

More from Business

Woman saving money piggy bank mask 123rf 123rfbusiness 123rflifestyle

Money lessons Covid-19 taught – heed them for a brighter, wealthier future

25 September 2020 10:44 AM

Your financial future – even if you have to start over – could be brighter than it would’ve been without the pandemic.

Share this:
Read More arrow_forward

cashless-paymentjpg

'SA cash economy about 60% of GDP, moving that to digital would be huge saving'

24 September 2020 8:39 PM

The Covid-19 pandemic's moving us towards a cashless society. Arabile Gumede interviews Ukheshe co-founder, Clayton Hayward.

Share this:
Read More arrow_forward

Small business owners entrepreneurs entrepreneurship 123rf 123rfbusiness

Retail Capital injects R500m into economy through Covid-relief for SMEs

24 September 2020 7:41 PM

'Smaller businesses have largely been ignored'. Arabile Gumede interviews Retail Capital CEO Karl Westvig.

Share this:
Read More arrow_forward

national_lottery.jpg

Diverted Lotto millions: 'Can we please get to holding people to account!'

24 September 2020 6:58 PM

Outa's Stefanie Fick urges the speedy investigation of allegations against the suspended COO of the National Lotteries Commission.

Share this:
Read More arrow_forward

Skyscrapers CBD Johannesburg 123rf 123rfbusiness

Long-term investment case for property in Africa remains intact

24 September 2020 1:38 PM

There’ll be many opportunities for frontier investors in the coming years, says Absa's Somaya Joshua.

Share this:
Read More arrow_forward

car-agreementjpg

Wheels come off for YapYap clients (recall the 'new car for R699 a month' guy?)

23 September 2020 8:00 PM

The originator of the scheme is the man behind the 'Drive a new car for R699 a month' fiasco years back, warns Wendy Knowler.

Share this:
Read More arrow_forward

wedding-mask-couple-Covid-19-123rf

Planning a wedding? Remember booking a bigger space for fewer people, costs more

23 September 2020 7:42 PM

Level 1 rules helping but also hindering the wedding industry. Get cost-saving tips from Precious Thamaga (Precious the Planner).

Share this:
Read More arrow_forward

factory-production-manufacturejpg

SA economy: 'Manufacturing remains an engine of growth and must be prioritised'

23 September 2020 6:53 PM

The sector is at a tipping point. Arabile Gumede interviews Philippa Rodseth from industry body, the Manufacturing Circle.

Share this:
Read More arrow_forward

BMW logo 123rf 123rfbusiness logo

[WATCH] Mzansi is loving BMW’s tribute to ‘igusheshe’ – the iconic BMW 325i

23 September 2020 9:26 AM

Khabazela shares some of the videos that went viral on Twitter and Facebook.

Share this:
Read More arrow_forward

bmw-adpng

BMW pays tribute to SA fave 'Gusheshe' (325is) with limited edition 3 series

22 September 2020 8:19 PM

BMW releases an 'ode' to an iconic earlier model. The ad reflects local culture, says Sizakele Marutlulle (Marutlulle and Co).

Share this:
Read More arrow_forward