South African businesses are in a quandary affecting millions of employees because of the Covid-19. The number of workers losing livelihood is increasing due to lockdown and presently, there is no let up in the numbers. l
Yellow Pages, a part of the Telkom Business announced that it aimed to fast track the growth of small and medium enterprises (SMEs) by offering telecommunication and marketing support. It has teamed up with Fundrr- a provider of small business funding that is tailored to help small businesses. It offers loans to businesses on a fast track basis online within 24 hours.
The South African government also set up a Covid-19 Loan Guarantee Scheme to help ease some pressure off qualifying businesses negatively affected by low economic activity. Funding is typically used to buy stock, open new stores, purchase equipment, undertake renovations and expand the businesses. The funding is in great demand in the country because of the liquidity squeeze being suffered by enterprises.
