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Economic Rebuilding Packages to offer businesses recovery interventions

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The Department of Tourism has issued confirmation on support packages by various government departments and agencies, in an effort to assist rebuilding businesses affected by the recent unrest.

On Tuesday, 10 August 2021, the Department of Tourism issued the Economic Rebuilding Package by the government, together with the Department of Trade, Industry and Competition (DTIC), the Department of Small Business Development (DSBD), the Small Enterprise Finance Agency (SEFA), the National Employment Fund (NEF) as well as the Industrial Development Corporation (IDC). The DTIC put together R2 billion in funds, the IDC has offered R1.5 billion, while the NEF has come up with R250 million.

The relief packages are to support various business recovery interventions in response to the unrest. In addition, the IDC will be administering the DTIC’s R400 million Manufacturing Competitiveness Enhancement Programme (MCEP) Economic Stabilisation Fund, in support of manufacturing companies affected by the unrest, with up to R10 million. The NEF will also be allowing a maximum of R 10 million loan funding. SEFA, on the other hand, has confirmed that maximum funding accessible per entity would be R2 million.

All the contributing government entities noted the impact and the turmoil on business activity in the wake of the unrest. They took to engaging their stakeholders and partners, conducted surveys, and set up hotlines in an effort to access the level of damages and implement support.

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