MCEP was initiated by the Department of Trade and Industry and the Industrial Development Corporation to act as a support scheme for South African manufacturing start-ups and existing companies. The fund offers working capital loans as well as plant and equipment loans. Business support is offered at a maximum of R3 million and is limited to R30 million per applicant with a fixed rate of 4% per annum.
The aim of the fund is to help businesses raise a competitive edge and secure job retention.
Raising and commitment fees are excluded. All other standard fees are applicable
distressed business fund
It is crucial for manufacturers to maintain a competitive advantage by investing in modern machinery and equipment. Expensive equipment can put immense financial strain on already struggling businesses. With that in mind, MCEP was set up to provide struggling manufacturers with a much needed helping hand.
This fund focuses exclusively on qualifying companies who provide essential products that have become scarce due to a high demand caused by the outbreak of the covid-19 pandemic.
The fund offers working capital loans as well as plant and equipment loans to businesses that have been operational for at least 12 months and are in possession of a valid contract or letter of intent. BBBEE Level 4 companies are encouraged to apply and business support is limited to R30 million per applicant with a fixed rate of 2.5% per annum.
- Diagnostics and accredited test kits
- Bulk supplies of disinfectants, sanitizers (hand and industrial) and wipes
- Nebulisers and nebulising agents
- Ventilators and filters
- Disposable visors, goggles, gowns and aprons
This funding initiative aims to actively assist businesses through this turbulent period, save lives and save jobs.