In March 2020 Nicky and Jonathan Oppenheimer established the South African Future Trust to extend direct financial support to SMME employees at risk of losing their jobs or suffering a loss of income because of the Covid-19 crisis.
SAFT is an independent trust (PBO 930068905) which was funded with an initial donation of R1bn from the Oppenheimer Generations Foundation. SAFT has also attracted other donations to the value of more than R134 million
SAFT offered interest-free loans, with a 5-year term, to qualifying SMMEs who banked with the 6 major banks to cover an amount equivalent to 15 weekly payments of R750 per week, per employee.
SAFT has signed loans to the value of R1 04 billion. This has in turn enabled SAFT to extend direct financial support to just under 100 000 SMME employees.
Beyond the immediate crisis, SAFT will have an ongoing role in supporting economic growth. Any loans repaid by participating SMMEs and donations received will remain within the Trust and will be used to support SMME-focused initiatives which accelerate inclusive economic growth and job creation in South Africa.