How the IDC is helping small businesses during COVID-19 pandemic

todayMay 29, 2020 13

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The impact of the coronavirus on all businesses coupled with the uncertainty as the country emerges from lockdown has been devastating for many small business owners. Some companies have been forced to take drastic measures, such as retrenching employees just to stay afloat.

In light of the pandemic, The Industrial Development Corporation’s (IDC) Head of Small Business Finance & Regions David McGluwa spoke to Khutso Theledi about their COVID19 funding for the harder hit sectors.

“The funding is focussed on mainly the industrial development sector.”

-David McGluwa explains who the IDC is targeting.

According to Small Biz Trends, small businesses would regularly have less than 20 employees and typically lack cash flow and capital. With that in mind and understanding how much damage has already been done thus far, the IDC has redoubled efforts to help South African entrepreneurs and small businesses.

The IDC has launched a R300 million COVID 19 intervention fund. A business would have to be operational for more than 1 year, it’s turnover would be required to be less than R15 million p.a. in order to qualify.

“You would have to have proof of how your business has been affected by the COVID-19 pandemic.”

-David McGluwa reiterated in his interview on #KrunchWithKhutso

Looking to apply?

The IDC offices are open but the application process is done via their website. You can also email or call 086 069 3888.”

For more on how to apply, listen here:

Written by: Y

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