Name of the fund:
IDC COVID-19 Small Industrial Distress Fund
Fund administered by:
Type of relief/support:
- Revolving credit facilities.
- Refinancing of existing facilities.
- Share buy-backs.
- Payment of non-operational expenditure.
Total size of the fund:
Who does the fund target?
Small businesses (with a turnover of less than R50m)
- Agro-processing and agriculture.
- Chemical products and pharmaceuticals.
- Basic and specialty chemicals.
- Clothing and textiles.
- Heavy manufacturing.
- Light manufacturing.
- Media and audiovisuals.
- New industries.
- Automotive transport and equipment.
- Industrial infrastructure.
- Basic metals and mining.
Minimum amount you can apply for:
Maximum amount you can apply for:
FUNDING CRITERIA FOR THE IDC COVID-19 SMALL INDUSTRIAL DISTRESS FUND:
- The funding is specifically for small industrial businesses that have been affected by COVID-19, and have had their cash flows significantly eroded.
- Existing IDC clients and new clients in distress as a result of COVID-19.
- Companies in distress because of the COVID-19 pandemic, not because of mismanagement .
- Distressed funding cannot be used to fund bonuses or dividends.
HOW TO APPLY FOR THE IDC COVID-19 SMALL INDUSTRIAL DISTRESS FUND:
Follow the APPLY FOR FINANCE link at: https://www.idc.co.za/2020/03/24/idc-interventions-in-response-to-covid-19/
DOCUMENTATION TO BE PROVIDED FOR THE IDC COVID-19 SMALL INDUSTRIAL DISTRESS FUND:
Documentation not stipulated, however the following documentation can be assumed as required:
- CIPC registration documents.
- Owners' IDs.
- Annual financial statements.
- Management accounts.
- Bank statements.
- Statements of any existing funding facilities.
- FICA documentation.
- Business plan.
Please contact the IDC on the number below for a list of all documentation required.
CONTACT INFORMATION FOR THE IDC COVID-19 SMALL INDUSTRIAL DISTRESS FUND:
firstname.lastname@example.org | 0860 693 888
- https://www .idc.co.za/2020/03/24/idc-interventions-in-response-to-covid-19/