Name of the fund
IDC COVID-19 Essential Supplies Intervention
Fund administered by
Type of relief/support
- IDC loan and trade finance facilities Prime + 1% p.a.
- MCEP Loan facilities 2.5% p.a.
- Guarantees 2% p.a.
Total size of the fund
R500m – trade finance to import medical supplies
Who does the fund target?
Minimum amount you can apply for
Maximum amount you can apply for
FUNDING CRITERIA FOR THE IDC COVID-19 ESSENTIAL SUPPLIES INTERVENTION:
- Companies that have a track record of manufacturing comparable products. In other words, that are capable of delivering on the contract in terms of capacity, resources and experience.
- In the case of imports and trade finance the lack or insufficiency of local manufacturing should be confirmed and capacity and experience to import at the required scale should be demonstrated.
- Company should be an accredited supplier (where applicable) if contract or purchase order is with Government, retailers or multinationals.
- Company should demonstrate profitability as per historical financial statements.
- The intention should not be profiteering - the mark-up should be reasonable.
- Contract or purchase order with either the South African Government or a strong customer for essential supplies.
- In the absence of a contract or orders, a corporate guarantee from a company with investment grade may be considered. Where a clearly demonstrable shortage of supply exists, letters of intent may be motivated.
- Geographic focus to be South Africa and SACU.
- Exports are allowed if it forms part of a bigger contract for manufacturing, but an excess portion of products is exported.
DOCUMENTATION TO BE PROVIDED FOR THE IDC COVID-19 ESSENTIAL SUPPLIES INTERVENTION:
CIPC registration documents.
FICA documents (e.g. municipal accounts, letter from traditional authority).
Certified ID copies of directors.
3 months’ bank statements.
Latest annual financial statements or latest management accounts not older than three months from date of application - where applicable.
6 months’ cash flow projections - where applicable.
Copy of lease agreement or proof ownership if applying for rental relief.
If applying for payroll relief, details of employees - as registered with UIF and including banking details - will be required as payroll payments will be made directly to employees.
SMME employers who are not compliant with UIF must register before applying for relief.
Facility statements of other funders.
Detailed breakdown on application of funds including salaries, rent etc.
HOW TO APPLY FOR THE IDC COVID-19 ESSENTIAL SUPPLIES INTERVENTION:
ADDITIONAL INFORMATION FOR THE IDC COVID-19 ESSENTIAL SUPPLIES INTERVENTION:
email@example.com | 0860 693 888.