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SA’s banks reveal how small businesses can apply for the R1bn Oppenheimer fund
Three of South Africa’s major banks have revealed to CNBC Africa how small businesses can apply for funding from the South Africa Future Trust. This is what they had to say.
Fri, 03 Apr 2020 11:33:00 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- The Oppenheimer Fund has been established to provide financial assistance to struggling businesses in South Africa during the COVID-19 pandemic.
- The application process for accessing the fund was explained by Nedbank, First National Bank, and Standard Bank representatives on CNBC Africa.
- The focus is on ensuring that businesses have a strong financial track record and a clear plan for using the funds to support their operations.
Three of South Africa's major banks, Nedbank, First National Bank, and Standard Bank recently shared details on how small businesses can access funding from the South Africa Future Trust on CNBC Africa. The R1 billion Oppenheimer fund has been set up to support struggling businesses during the economic downturn caused by the COVID-19 pandemic. The banks outlined the application process for businesses seeking financial assistance from the fund. Nedbank's representative emphasized the importance of detailed documentation in the application, while First National Bank stressed the need for businesses to have a solid financial track record. Standard Bank pointed out that the funds could be used for working capital needs and mentioned that the assessment process would be focused on the financial health and sustainability of the businesses. The Oppenheimer fund aims to provide relief to businesses facing financial challenges in the wake of the pandemic. The fund is a collaboration between banks and business leaders to support the country's economy during these challenging times.
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