Rupert fund overwhelmed by duplicate applications

Applications for the Rupert family's R1 billion small business fund, now known as The Sukuma Relief Programme, opened on Friday and have seen an overwhelming response. Mark Paper, Chief Operating Officer at Business Partners International, shared that the initial stages saw a significant build-up of applications, leading to a surge in submissions. The support for the initiative has been widespread, catering to both formal sole proprietors and companies across various industries. The response to the fund has been so high that the value of applications submitted has exceeded the available facility. Paper revealed a significant challenge with many applicants submitting multiple duplicate applications, with some even applying more than 10 times. As the team works to sift through these duplicate and incomplete applications, a clearer picture of the actual number of eligible applicants is expected to emerge. Despite the duplication of applications, which speaks to the desperate times faced by businesses, applicants from industries such as manufacturing, hospitality, and tourism have been predominant. Manufacturing businesses with large payrolls and physical premises, as well as those in the hospitality and tourism sectors, have shown substantial interest in the relief program. The fund offers a grant of R25,000 to sole proprietors, which does not require repayment. For companies in need of additional funding ranging from R250,000 to a maximum of R1 million, the funding is in the form of a loan. However, no security or personal guarantees are required for the loan. In the unfortunate event that a business does not survive despite efforts to recover, there will be no recourse for the funding. In conclusion, the Suh Guhma Relief Program has received an overwhelming response from small and medium-sized businesses across various industries. The fund aims to provide much-needed financial support to businesses impacted by the COVID-19 pandemic, with a focus on helping them cover essential costs such as payroll and rent. As the team continues to review and process applications, the fund is expected to be fully subscribed in the coming days.