Name of the fund
Giving for Hope Foundation
Fund administered by
Albaraka Bank and The Willowton Group
Type of relief/support
The Foundation provides SMMEs interest-, profit- and admin cost-free loans for two years
Total size of the fund
R100m (targeted to increase to R500m)
Who does the fund target?
Small, medium and micro enterprises (SMMEs)
Minimum amount you can apply for
Maximum amount you can apply for
FUNDING CRITERIA FOR GIVING FOR HOPE FOUNDATION:
- Restricted to Socially responsible (Shariah Compliant) SMMEs.
- Annual turnover of qualifying SMME to be less than R 20 million per annum.
- The minimum number of employees at the SMME at the time of application is 5 employees (excluding family members).
- Loan to SMMEs currently limited to R 1 million per applicant.
- Open to all South African registered businesses that operate in South Africa.
- Open to all members of all sectors, races, gender and religious groups.
- Normal ABL creditworthiness check on each loan applicant (can be an existing or new client of ABL).
- Concerning the creditworthiness of a loan applicant, consideration will be given to the fact that the loan will not attract any charges and no capital repayment for a period of up to 12 months from the pay out of loan.
- Security will be required for each loan applicant.
- Given that the main goal of the Giving for Hope Foundation is to ensure job preservation and ultimately job creation within our economy, loan applicants will need to prove employment.
- No loans to be advanced for passive income type businesses, such as property investment.
- Successful loan applicants will be required to open an account with Al Baraka Bank, free of any charges except cash deposit fees.
DOCUMENTATION TO BE PROVIDED FOR GIVING FOR HOPE FOUNDATION:
- Signed annual financial statements for the period ending 28 February 2019 or later.
- Management accounts for the period ending 31 December 2019 or later.
- Summary of current borrowings from financial institutions together with supporting statements.
- Past six months bank statements.
- Copies of VAT returns from date of last annual financial statement to current.
- Details of South African Revenue Services Income Tax registration number.
- Latest SARS EMP 201 and UI19.
- Latest rental statement not older than 3 months.
- Detailed written motivation as to how the business was affected by the shutdown and how the funding will assist the business.
- ID documents of all directors and shareholders.
- Proof of address of directors and shareholders.
- Confirmation of managing director if there is more than one director.
- Marriage certificate if applicable.
- Entity registration document.
- Letter of shareholding for entities registered as companies.
HOW TO APPLY FOR GIVING FOR HOPE FOUNDATION:
Loan applications should be made via https://givingforhope.co.za/apply-for-funding-2/ and will be accepted from potential clients from 15 April with pay outs to clients expected to begin by the end of April.
ADDITIONAL INFORMATION FOR GIVING FOR HOPE FOUNDATION:
031 364 9000 | email@example.com