Name of the fund
The South African Future Trust from Nedbank
Fund administered by
Type of relief/support
The fund is to provide relief to the SMME sector in the form of 5-year, interest-free loans to qualifying businesses, for the purpose of maintaining minimum weekly payments to those employees who are at risk of losing their jobs or suffer loss of income
Total size of the fund
R1b (total size of SAFT fund across all banks)
Who does the fund target?
Minimum amount you can apply for
Maximum amount you can apply for
R750 per qualifying employee per week, over a period of 15 weeks i.e. R11 250 per permanent employee
FUNDING CRITERIA FOR THE SOUTH AFRICAN FUTURE TRUST FROM NEDBANK:
- Any SMME with less that R25m turnover in good standing.
- Includes sole proprietors, partnerships, operating trusts, CCs and Pty Ltd.
- Must be trading for 24 months or more.
- Must be in good standing with Nedbank, statutory creditors and with the bureaux as at the end of February 2020.
- Income has been impacted by Covid-19 and therefore requires assistance to pay their permanent staff salaries.
HOW TO APPLY FOR THE SOUTH AFRICAN FUTURE TRUST FROM NEDBANK:
- Register here https://www.nedbank.co.za/content/nedbank/desktop/gt/en/business/covid-19-relief1/SAFT1.html
- Download and complete the application form.
- Download and complete Annexure A: Employee details. This can be submitted together with the application form, or once the in-principle has been obtained.
- Download and complete the resolution (not required for sole proprietors).
- Email your application to email@example.com.
- Once approved and all documents have been received, you will be emailed an approval letter and the loan agreement (including Annexure A and application).
- This needs to be signed and returned before payments can be processed to the email of the banker who is liaising with you.
- Payments for all loan contracts signed up to close of business on Tuesday will be processed on Thursday.
ADDITIONAL INFORMATION FOR THE SOUTH AFRICAN FUTURE TRUST FROM NEDBANK: