Billionaire Johann Rupert's Sukuma Fund Loans SA Restaurants R100 Million

Billionaire Johann Rupert's Sukuma Fund Loans SA Restaurants R100 Million

- Johann Rupert donated R1 billion to help with the Covid-19 pandemic in South Africa using the Sukuma Fund, and this includes businesses and therefore staff in the food industry

- The Sukuma Fund has now allocated R100 million to assist struggling restaurants through a partnership with FEDHASA

- Eligible restaurants could receive between R250 000 and R1 million each to be paid back over five years

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The Sukuma Fund, which was started last year to distribute money donated by Remgro and the Rupert family, will loan a whopping R100 million in total to restaurants that are struggling. The fund was formed to assist with distributing the R1 billion that was donated by Remgro and the Rupert family.

The fund's aim is to support small businesses. Recently, a partnership was announced with the Federated Hospitality Association of Southern Africa (FEDHASA). The partnership aims to preserve jobs in the industry.

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The R100 million is a portion of the money left from the fund which will assist struggling restaurants. Sukuma Fund's spokesperson David Morobe stated that they felt it was the most 'effective' way to make a meaningful impact in terms of assisting businesses impacted by Covid-19.

Billionaire Johann Rupert's Sukuma Fund Loans SA Restaurants R100m
Billionaire Johann Rupert's Sukuma Fund will loan eligible SA restaurants between R250 000 and R1 million each. Image: Warren Little
Source: Getty Images

According to a report by News24, Morobe spoke about partnering with industry bodies who fully understand specific challenges faced by their members. The R100 million would be distributed among qualifying restaurants.

In order to qualify, the restaurant needs to be formally registered, independent and provide evidence of financial solvency, among other things. Applicants must also be FEDHASA members.

The report continued by saying that restaurants that do qualify will receive loans that will be unsecured and interest-bearing of between R250 000 and R1 million each. This will need to be repaid over five years.

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Johann Rupert is not just making an impact in the lives of local business owners but is also on missions of his own. Richemont's share price reportedly rose by more than 6%. According to IOL, this is a year-high of R157.01 a share on the JSE.

Previously, Briefly News reported that Rupert made it to the 385th position on the Forbes Billionaires List for 2021. In Mzansi there are officially five billionaires who made it onto Forbes' list for this year.

Rupert is the chairman of Compagnie Financiere Richemont, a Swiss luxury goods company. He also owns 7% of diversified investment in Remgro, and 25% of Reinet Remgro is also chaired by Rupert.

Financial experts revealed that Rupert's fortune had ballooned over the past year, from an estimated $4.6 billion to a whopping $7.1 billion. The stats from Forbes revealed that Rupert is Africa's fourth-wealthiest person.

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Source: Briefly.co.za

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