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Distressed Fund

Supporting businesses in needSupporting businesses in need

The economic downturn of the last few years has put a lot of local businesses under severe financial strain.

In addition businesses have had difficulty accessing funding from traditional sources as banks tightened their credit facilities.

Against this background, the IDC has played its countercyclical role and set a R6-billion fund to assist companies negatively affected by the recession. The main objective of the intervention is to retain jobs and maintain productive capacity in the economy.

Some R1.4-billion was distributed to 28 companies during the 2009/2010 financial year, providing a much-needed lifeline for these businesses to turn around their operations and improve their position. About 8 800 jobs are expected to be created and saved because of this intervention.

The funds will help a business build capacity and create employment; provide working capital as well as operational and capital expenses, so helping the business to become competitive; ensure liquidity by providing funds not accessible by banks; and reduce the quantum of job losses.

To apply for assistance from our Distressed Fund, you will need to provide:

  • The latest audited financials (current and at least two years prior to profit deterioration);
  • The latest management accounts;
  • An updated business plan focusing on the company's turnaround;
  • A detailed description of the nature of the investment required, related costs and revenues; and
  • Evidence of development impact such as Black Economic Empowerment, rural and small or medium enterprise development, in addition to job creation and preservation.

Funding can take the form of debt or equity and is structured to your needs. Guarantee facilities are also available.

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