Jobs Protection and Stimulus Fund
Jobs protection and stimulus fund
The primary mandate of the fund is to incentivise the retention/saving/protection of jobs at risk and the creation of jobs located within the Eastern Cape by supporting and attracting sector specific, catalytic investments which promote sustainable jobs across the value chain.
The fund defines a distressed business as a Micro Small Medium Enterprises (MSME) which is unable to meet its short-term credit obligations resulting in a high possibility of job losses. Businesses are incentivised at R10 000 per verified job retained/saved for a minimum of 5 jobs and a maximum of 250.
Qualifying Criteria: Who may apply?
Businesses operating within the geographical boundaries of the Eastern Cape Province and within the priority/targeted sectors where more than 70% of the employees are South African citizens
Businesses that retain and/or save a minimum of 5 jobs up to a maximum 250 jobs
Businesses that are able to prove that the employees are permanent and/or have a fixed term contract of at least 2 years.
Businesses that are in distress and are capable of providing adequate information to prove distress.
Businesses that are tax compliant in relation to business with turnover above R335 000 or as may be updated by tax laws from time to time.
Tax and legislatively compliant businesses with SARS and the UIF
Supporting documentation required from applicants
CIPC company registration document where applicable
Most recent financials (audited, where available)
Most recent management accounts or a compiled report reflecting financial performance for the last 6 months
Tax clearance certificate where applicable
Confirmation of banking details (letter from bank)
Current payroll (with UIF & PAYE details)
Generic employment contract
BEE certificate for business with turnover above R 5 000 000
A detailed motivation regarding the impact the Jobs Protection and Stimulus Fund is likely to have on the sustainability of the entity and the reducing potential for jobs losses within the “distressed” company; non-financial support that would be of value to the business; as well as details on the measures already effected to minimize job losses and remedy the distress must be attached to the application.
For the application process click here
For more information, contact:
Name: Buseka Ningi
Email Address: email@example.com
Contact No: 043 704 5789 / 082 715 6110
Mon - Fri: 08h00 - 16h30
Ocean Terrace Park
Moore Street, Quigney, East London, South Africa