1. Funding Info
  2. COVID-19 relief funds
  3. Banks/Private sector active funds

Sukuma Fund - Rental Relief

FUND DETAILS  

Name of the fund                                                

Sukuma Fund - Rental Relief 

Fund administered by                                          

Business Partners 

Type of relief/support                                         

Interest free loan for 12 months with no repayment obligations. Funds can be used to cover up to 6 months rental due to landlords, with monthly rental payments being made directly to the landlord.                                                                                

Total size of the fund                                           

R100m 

Who does the fund target?                            

Close Corporations, companies and trusts   

Sector target                       

Not stipulated 

Minimum amount you can apply for                     

R250 000  

Maximum amount you can apply for                          

R1m 

FUNDING CRITERIA FOR THE SUKUMA FUND – RENTAL RELIEF:    

  • Must be SARS compliant. 
  • Be formally registered. 
  • Operate as an independent restaurant. 
  • Provide evidence of financial solvency and future viability. 
  • Secure 25% rental relief from landlords. 

HOW TO APPLY FOR THE SUKUMA FUND – RENTAL RELIEF:    

SUPPORTING DOCUMENTATION TO BE PROVIDED FOR THE SUKUMA FUND – RENTAL RELIEF:   

  • Management accounts for the period 01 March 2020 until at least 30 November 2020. 
  • 3 months’ bank statements of the business for the period before 15 December 2020 lockdown to assess operations before the 2nd lockdown. 
  • A rental (premises) statement, not older than 1 month. 
  • The statements for any other credit agreements such as asset finance of trade finance loan agreements as at 30 November 2020. 
  • Motivation and supporting documentation clearly illustrating the financial distress suffered by the SME as a result of the COVID-19 outbreak. The motivation can cover the following information: Reduction in turnover; Erosion of working capital; Inability or difficulty to pay wages and preserve jobs; Inability to pay rent Inability to pay for other overheads; Inability or difficulty in servicing existing debt obligations. 
  • Statement of assets and liabilities for the main business owner. 
  • Copies of identity documents of all directors, shareholders, members, and trustees as applicable. 
  • outbreak. The motivation can cover the following information: Reduction in turnover; Erosion of working capital; Inability or difficulty to pay wages and preserve jobs; Inability to pay rent Inability to pay for other overheads; Inability or difficulty in servicing existing debt obligations; or all of the above. 
  • Statement of assets and liabilities for the main business owner.
  • Copies of identity documents of all directors, shareholders, members, and trustees as applicable. 
  • Copy of marriage certificate, including ANC contract, divorce certificate or death certificate where applicable. 
  • Letter from the landlord confirming the rental relief offered and the period of the offer (minimum 25% of rent due for corporate landlords and 25% for independent landlords for a minimum period of 6 months).

For Companies: 

  • Copy of registration certificate. 
  • Copy of memorandum of incorporation. 
  • Copy of the company’s share register. 

For Close Corporations: 

  • Founding statement. 

For Trusts: 

  • Copy of the trust deed. 
  • Copy of the Master’s Authority Certificate. 
  • Copy of IDs of all trustees. 
  • Confirmation of bank account details issued by the relevant bank. 

FOR ADDITIONAL INFORMATION FOR THE SUKUMA FUND – RENTAL RELIEF: 

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