Standard Bank, SAFT launch employer relief fund

Source: Standard Bank

We are pleased to announce that we have partnered with the South African Future Trust (SAFT) for Small, Micro and Medium Enterprises (SMMEs). SAFT, an independent trust set up by Nicky and Jonathan Oppenheimer to extend direct financial support to the employees of SMMEs who are at risk of losing their jobs, has been funded with an initial contribution of R1-billion, with the aim of mitigating the immediate economic impact of the COVID-19 crisis.

SAFT funds will be disbursed as concessionary loans to qualifying SMMEs. These loans will be interest-free over a 5-year term and will be administered by the Partner Banks on behalf of SAFT. Funds will be transferred directly to the employees of the qualifying SMMEs, and the employees themselves will carry no liability.

Once COVID-19 has passed, all funds donated or repaid to SAFT will be deployed towards initiatives aimed at accelerating economic growth and employment creation within South Africa.

As a Standard Bank customer, you will be able to register online or via email. Please note that these mechanisms will be communicated and made available shortly – please keep checking for updates for when this will go live.

SMMEs who meet the following criteria will be eligible for support:

  • Turnover below R25 million per annum
  • Ability to demonstrate impact of COVID-19 on their operations now, or in the future
  • Trading for at least 24 months
  • Your business is in good standing

You will have to provide the following documentation when applying for SAFT support:

  • Company registration number (if you have a company or a close corporation), or
  • The master’s reference number (if applying on behalf of a trust), or
  • Identity number and business address (if you are a sole proprietor)
  • Names and ID numbers of all directors / members / trustees / sole proprietor
  • PAYE number (if applicable)
  • Income tax number
  • A list of the full-time employees to receive financial relief with the full names, ID number, bank account details and contact details.

Once the application process is complete, and if your loan is approved, it will take up to seven days after signature of the loan agreement for the first week’s payments to be deposited into your employee/s’ account/s, dependent on the day that the signed loan agreement was received.

Standard Bank also has instalment relief options available to support your small- to medium-sized business during COVID-19. For more information, click here.

Please do not apply to your relationship banker or at your branch directly – for ease of ensuring you are queued appropriately, only applications received to the dedicated email and those received online will be reviewed and assessed for this particular purpose.

For an application form and FAQs please click here.

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