Johann Rupertâs Covid relief fund sets aside R100m for SA restaurants
By IOL Reporter
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THE Sukuma Fund is set to allocate R100 million to restaurants that have been hit hardest by the Covid pandemic.
The Sukuma Fund was formed to distribute the R1bn donated by the Rupert family and Remgro Limited, long-time supporters of the small business sector, in response to the economic crisis resulting from the pandemic.
To date, 1 303 SMEs and 2 614 formal sole proprietors have received survival grants and/or soft loans from The Sukuma Fund, saving more than 32 000 jobs in the process.
It is estimated that in South Africa, nearly 30% of restaurants were forced to close their doors during the height of the nationwide Covid-19 lockdown in 2020.
The fund formed to distribute money donated by Rupert Family and Remgro in 2020 will loan R100 million to struggling restaurants.
The fund formed to distribute money donated by the Rupert Family and Remgro in 2020 will loan R100 million to struggling restaurants.
The Sukuma Fund, which was formed to distribute R1 billion donated by the Rupert Family and Remgro Limited to support small businesses last year, announced a partnership with the Federated Hospitality Association of Southern Africa (FEDHASA) to try to preserve jobs in the sector.
Now it has decided to direct some of the money left towards struggling restaurants. In order to make the maximum impact with the remaining funds, we adapted our approach to partner with industry bodies who understand the specific challenges that their members face. We felt this was the most effective way to make a meaningful impact in helping businesses overcome Covid-19 related challenges, said Sukuma Fund s spokesperson,