MEMSA held a networking and growth session on Thursday, 21 January 2021, focusing on IDC Covid-19 distress funding and special funding schemes applicable to members. The objective of the Covid-19 distress funding is to promote industrialization, import replacement, and export to the rest of the continent. The program is available to companies that are unable to fund their operating activities within the immediately ensuing six months.

Other Special Funding Schemes include;

1. MCEP (working capital for any enterprise, plant and equipment acquisition for black industrialists);

2. UIF II (finance which requires the creation of one job per R750 000 borrowed);

3. Downstream Steel Industry Competitiveness Fund – finance for improvements, expansion, working capital; Finance for

4. SMEs and Midcap companies.

5. Gro-E for youth empowerment deals.

You can click on the link here to watch the presentation on the new Covid-19 distress funding and special funding schemes. A post-workshop summary report for Q&A discussion on Continental Coverage Department (Export Credit Insurance)can be viewed here and available here in the member area on our website. MEMSA members are encouraged to start engagement with the IDC as soon as possible.