The Job Stimulus Fund, through the Eastern Cape Development Corporation, is mandated to incentivise the retention, saving, and protection of jobs at risk and the creation of jobs in the Eastern Cape. The grant will do this by supporting and attracting sector specific, catalytic investments which promote sustainable jobs across the value chain. The Fund defines a distressed business as a Micro Small Medium Enterprises (MSME) which is unable to meet its short-term credit obligations. This has a high possibility of resulting in job losses. The grant ensures that businesses are incentivised at R10 000 per verified job retained/saved for a minimum of 5 jobs and a maximum of 250. Dream Team Capital can assist with the necessary developments to access the Job Stimulus Fund grant.
Qualifying Criteria for the Job Stimulus Fund
- Businesses operating within the geographical boundaries of the Eastern Cape Province and within the priority/targeted sectors where more than 70% of the employees are South African citizens.
- Businesses that retain and/or save a minimum of 5 jobs up to a maximum 250 jobs.
- Businesses that can prove that their employees are permanent and/or have a fixed term contract of at least 2 years.
- Businesses that are in distress and are capable of providing adequate information to prove distress.
- Businesses that are tax compliant, in relation to business with turnover above R335 000 or as may be updated by tax laws from time to time.
- Tax and legislatively compliant businesses with SARS and the UIF.
- CIPC company registration document (where applicable);
- Most recent financials (audited, where available);
- Most recent management accounts or a compiled report reflecting financial performance for the last 6 months;
- Tax clearance certificate (if applicable);
- Confirmation of banking details (letter from bank);
- Current payroll (with UIF & PAYE details);
- Employment contract; and
- BEE certificate for businesses with turnover over R 5000 000.
For more information on non-repayable business grants – Contact Dream Team Capital today!