The Department of Trade, Industry, and Competition (dtic) has stated that the economic recovery assistance measures announced by Minister Ebrahim Patel a fortnight ago are now open for applications by impacted firms.
The R3.75 billion plan is intended to help companies that were damaged or destroyed during the violent looting and unrests that occurred in KwaZulu-Natal and Gauteng last month.
The dtic and its Development Finance Institutions, the Industrial Development Corporation (IDC) and the National Empowerment Fund (NEF) have collectively put together a funding package in support of various business recovery interventions.
The goal is to assist impacted firms with zero-interest industrial loans to reconstruct infrastructure, including equipment, fittings for the premises, stock, and working capital.
The fund is intended to address the socio-economic problems that these firms are facing as a result of the current upheaval.
The fund will assist manufacturing firms and related services that have been harmed by the turmoil, particularly those hit by supply chain interruptions.