Durban – Budget Insurance has launched a R6-million small business relief fund that will help small businesses that have impacted by the coronavirus pandemic and lockdown regulations.
Head of Business Insurance at Budget Insurance Alex Terblanche, launched the relief fund for the insurer’s business insurance customers who have been affected by the Covid-19 pandemic.
The fund will be split amongst small businesses with an annual turnover of less than R15 million. Qualifying customers will receive relief package of R100 000 each, as well as business mentoring support.
“Supporting small businesses during this time is essential especially given South Africa’s dire unemployment rate of 30.1%, which is expected to worsen. We believe that SMEs can help combat unemployment given that, according to the Small Business Institute, approximately 98 percent of all registered businesses in the country are SMMEs,” Terblanche said.
He added: “We are well aware of the devastating and dire consequences the pandemic has caused for small businesses around the world. This is another way we are saying Thuma Mina”.