The South African Future Trust (SAFT) was set up by Nicky and Jonathan Oppenheimer as result of the COVID-19 pandemic
The aim of SAFT is to provide interest-free loans to qualifying SMMEs, exclusively for the purpose of paying a specified amount of money to their permanent employees who are at risk of losing their jobs or suffering loss of income due to COVID-19. If the loan is approved the permanent employees of the qualifying SMMEs will receive weekly payments of R750 per employee over 15 weeks (i.e. R11,250 in total per employee) and the full amount of the loan will be a function of the number of permanent employees on the SMME’s payroll. Therefore there is no limit to the number of permanent employees that can receive this funding.
Absa will be administering the loans on behalf of SAFT and will facilitate the signing of the loan agreement with the qualifying SMME and make payments directly to the affected permanent employees.
The loan has no minimum monthly payment requirements and no interest will be charged, it does however need to be settled in full with SAFT at the end of the term (31 December 2025). Employees carry no liability for the repayment of the loan.
Please note that applications will be considered on a first come, first served basis.
Read ABSA’s FAQ to see if your business qualifies for a SAFT loan and contact them to apply using the steps outlined at the bottom of this page.
Documents you need to apply:
- FASA is looking for an Executive Director to join the Association - 7th March 2021
- FASA invites you to online networking connecting businesses - 14th February 2021
- Business success – the franchise way - 11th February 2021