Remember the Rupert family and Remgro fund established in 2020 as a part of COVID relief? Well, it’s been reported that R100 million will be spent on South Africa’s struggling restaurant industry.
The Sukuma fund has announced partnership with the Federated Hospitality Association of Southern Africa to preserve jobs in the field, reports News24. It’s now directing leftover monies to the struggling restaurant industry.
WATCH: Cape {town} Etc has R1 million ways to help your restaurantÂ
“In order to make the maximum impact with the remaining funds, we adapted our approach to partner with industry bodies who understand the specific challenges that their members face. We felt this was the most meaningful way to make an impact helping businesses overcome COVID-19,” said David Morobe, Sukuma Fund spokesperson.
To qualify, a restaurant must be independent and formally registered, as well as be able to provide evidence of financial solvency, regulatory compliance and future viability, to name a few things. Applicants must also be FEDHASA members.
Loans ranging between R250 000 to R1 000 000 are on the cards (which they’ll repay over five years, with interest charged at the prime lending rate).
Heres how you can get your restaurant advertised, for free, with Cape {town} Etc:
Picture: Twitter