SMME
Support

SAFT is extending direct financial support to SMME employees who are at risk of losing their jobs or will suffer a loss of income because of COVID-19

SMME
Support

SAFT is extending direct financial support to SMME employees who are at risk of losing their jobs or will suffer a loss of income because of COVID-19

How SAFT Support Works

SAFT will transfer funds directly to employees of participating SMMEs, via interest-free loans where employees themselves carry no liability.

Our aim is to enable SMMEs to significantly reduce their cash outgoings and continue operations during this time of crisis, while retaining their employees – affording these companies much-needed breathing room to make long-term decisions.

SAFT Provides Funding
SAFT makes available R1bn in loan funding for SMME employees that meet pre-defined eligibility criteria and conditions. Loans will be extended to eligible SMMEs on a first-come-first-served basis.
SMME Application
Eligible SMME employers apply for the scheme via their preferred partner bank and provide a list of names of employees “at risk” due to COVID-19. The SMME must be an existing client of the partner bank in order to apply
Employee Application
SMMEs submit any supporting documentation on behalf of their staff as required
Bank Disburses Funds to Employees
Qualifying employees receive funds directly from the partner bank
SMME repays loan to SAFT
Company pays back principal loan to SAFT within 5 years interest free

Eligibility Criteria

SMMEs need to meet the following criteria to qualify for the scheme:

Annual Turnover Below R25m
Trading for at least 24 months
Sustainable business on 29th February 2020
Business adversely impacted by Covid-19

Required Documentation

SMMEs will need to provide the following documentation (as a minimum) to apply for the scheme:

Company Identification
- Registration number
(if a company or a close corporation)
- Master's reference number
(if it is a trust)
- ID number and business address
(if a sole proprietor)
PAYE Number
A valid PAYE Number registered with SARS (if applicable)
Income Tax Number
A valid income tax number registered with SARS
Employment Status
Confirmation of permanent employment status of employee