Zim businesses in SA to access Covid-19 recovery loans

Spread This News

By Staff Reporter

ZIMBABWEAN owned businesses in South Africa that have been affected by the Covid-19 pandemic are set to access short term loans under the neighbouring country’s Business Rescue Loan scheme.

The initiative is being facilitated by the Zimbabwe Community in South Africa (Zimcosa).

Zimcosa spokesperson Bongani Mkwananzi told weekend this has been spurred by the need to also capacitate Zimbabwe owned businesses which have seen fortunes take a deep as a result of loss of business during the prolonged lockdown period.

Against this background, Mkwananzi said, Zimcosa has partnered several South African business lenders to provide some financial rescue to the firms.

“Zimbabwe Community in South Africa noted the challenges faced by business during the Covid-19 outbreak, particularly business owned by Zimbabweans,” he said, adding that the loan disbursements will range from R10 000 to R1, 5 million.

“For any business to qualify for the loans, they should be in operation for 12 months and must be generating minimum monthly revenue of R45 000, SARS compliant and must be at least 25 percent Zimbabwean owned,” said Mkwananzi.

He also said any Zimbabwean Director whose firm is benefiting from any loan must be in South Africa on a Temporary Residence Permit or Permanent Resident Permit or section 22 Refugee Status.