Business Recovery Support Programme Could Be the Support Small Businesses Need

• The Department of Small Business Development has set up different ways in which small businesses can get support for the unexpected and substantial impact of the civil unrest
• The Business Recovery Support Programme (BRSP) implemented by The Department of Small Business Development aims at giving financial support to small uninsured businesses impacted by the looting
• The BRSP support structure, limited at R2 million consists of a grant and a loan attached to a repayment timeline of 60 months or less and an interest rate of 5%

The Department of Small Business Development recently implemented a variety of different methods that small businesses can utilise in order to gain support for the unexpected impact of the looting in KwaZulu-Natal and Gauteng.

The Business Recovery Support Programme's (BRSP) focus is targeted at aiding uninsured small businesses directly impacted by the civil unrest that occurred in the two provinces.

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The BRSP support structure, capped at R2 million, has been set up and divided into a grant (60%) and a loan (40%) accompanied by a maximum repayment period of 60 months and a limited interest rate of 5%.

Following previous reports by BusinessTech, the newly implemented support system follows the previous temporary relief scheme implemented by Employment and Labour minister Thulas Nexsi who directed it at offering support to workers impacted by the violent looting and civil unrest.

According to BusinessInsider, small businesses looking to utilise the relief fund need to submit Application forms to BRP@sefa.org.za prior to the closing date of 30 September.

1 000 SMMEs to receive massive R322 million for assistance

In related news, Briefly News reported that over 1 000 small businesses in Pietermaritzburg received a massive R322 million support from the local government. The disbursement of funds took place under the KwaZulu-Natal government's operation - Vula Fund.

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The Vula Fund has been in the works for four years. The KZN government authorities praised the event which happened in June as a chunk of the development of radical socio-economical alteration.

KZN Premier Sihle Zikalala stated that the small businesses that gained the funds were specifically selected from over 4 000 applicants. Zikalala said there was a meticulous examining process that started in September 2019 and concluded in March 2020.

A report by EWN revealed that Zikalala said that in the future, the government will pay close attention to and provide more support to beneficiaries that require such.

Source: Briefly News