I am advised as follows:
The COVID-19 Black Business Fund administered by the National Empowerment Fund (NEF) received over 250 applications totalling R700 million with approximately 30% of the applications from Gauteng, 20% from the Western Cape, 20% from KwaZulu-Natal and the balance from the other 6 provinces. A total of 12 applications valued at R78 million have been approved since inception of the Fund - of which 4 of the applications are from Gauteng; 5 from KwaZulu-Natal; and 3 from the Western Cape. Transactions valued at approximately R400 million have been declined for various reasons including applicants not being manufacturers of essential products.
Table 1 below outlines the performance of the Manufacturing Competitiveness Enhancement Programme (MCEP) COVID-19 Essential Supplies and COVID-19 Distress Funding administered by the Industrial Development Corporation (IDC) since inception up to 08 May 2020.
Table 1
-END-