Saft Loan Agreement

  • April 12, 2021

Thus, the employees receive the money but the company must repay the loan. It is therefore a way to support employees at the company`s expense. However, no interest is collected and you can pay them back in installments, monthly, periodic or full at the end of the period. SAFT works to provide as many SAFT loans as possible and works with other financial institutions. You will find more information and updates on the SAFT website, beyond the immediate crisis, SAFT will play an ongoing role in accelerating economic growth. All other funds donated and all loans repaid by participating MMS remain within this non-profit structure. They will be used to support job creation initiatives until all funds are finally disbursed. You can also send by email or visit the Bank Business Banking COVID-19 Landing Page: COVID-19 Business Banking The loan has no minimum monthly payment requirements and no interest is charged, but it must be fully charged to the SAFT at the end of the period (December 31, 2025). Staff are not responsible for repaying the loan.

Please note that applications are considered on the basis of First Come, First Served. Have you heard of SAFT? It is an interest-free loan: the South African Future Trust (SAFT) is an independent trust created by Nicky and Jonathan Oppenheimer in partnership with the South African government and the private sector. The SAFT expands direct financial assistance to workers in small, medium and micro enterprises in South Africa (MMS) who are at risk of losing their jobs or at risk of losing their incomes to COVID-19. In particular, SAFT provides funds directly to participating MMS staff through zero-rate loans for which workers themselves are not responsible. SAFT`s objective is to provide eligible MMS with interest-free loans that are used exclusively to pay a certain amount of money to their permanent employees who are at risk of losing their jobs or losing their income to COVID-19. If the loan is approved, eligible MMS permanent employees will receive weekly payments of R750 per worker for 15 weeks (a total R11.250 per employee), and the total amount of the loan will depend on the number of permanent employees on the SMME payroll. Therefore, there is no limit to the number of permanent employees who can obtain this funding.