WHAT IS SAFT?

Oppenheimer Generations representing the global interests of Nicky and Jonathan Oppenheimer announced the establishment of the SA Future Trust (SAFT) fund with an initial R1bn contribution by the Oppenheimer family.

The fund is to provide relief to the SMME sector in the form of 5-year, interest-free loans to qualifying businesses, for the purpose of maintaining minimum weekly payments to those employees who are at risk of losing their jobs or suffer loss of income. On approval, SAFT funds will be transferred directly to the employees’ bank accounts.

Nedbank has agreed to support the initiative by taking responsibility for the assessment, granting and pay-out of the loan on behalf of SAFT for SMEs banked by Nedbank.
 

WHAT LOANS ARE AVAILABLE VIA SAFT?

An interest-free 5-year loan to qualifying SMME’s exclusively for the purpose of paying the salaries of their permanent employees.

The loan has no minimum monthly payments requirements and only needs to be settled in full at the end of the term. Employees carry no liability for the repayment of the loan. 

Qualifying SMME’s will get a R750 per qualifying employee per week, over a period of 15 weeks, ie. R11,250 per permanent employee. The total loan amount is a function of the number of employees to be included (no limit in terms of the number of employees).
 

WHAT ARE THE QUALIFYING CRITERIA?

Any SMME with less that R25 million turnover in good standing:

• Includes sole proprietors; partnerships; operating trusts; CC and PTY Ltd
• Must be trading for 24 months or more
• Must be in goodstanding with Nedbank, statutory creditors and with the bureaus as at the end of February 2020
• Income has been impacted by Covid-19 and therefore requires assistance to pay their permanent staff salaries. 
   

HOW DOES THE APPLICATION PROCESS WORK?

• Applications are now open.
• Please make sure you meet the above qualifying criteria.
• You must apply with your main bank.

To apply:

Applications will be considered on a first come, first serve basis. You will be informed about the decision and contacted if further information is required. If you did not submit Annexure A and the resolution together with the application, please wait for a banker to contact you.
 

1. Download and complete the Application Form, attached to the bottom of this page.
2. Download and complete Annexure A: Employee details. This can be submitted together with the application form, or once the in-principle has been obtained.
3. Download and complete the resolution (not required for sole proprietors).
4. Email your application to saft@nedbank.co.za
5. Once approved and all documents have been received, you will be emailed an approval letter and the loan agreement (including Annexure A and Application).
6. This needs to be signed and returned before payments can be processed to the email of the banker who is liaising with you.
7. Payments for all loan contracts signed up to close of business on Tuesday will be processed on Thursday. 
    

WHEN WILL BUSINESSES BE EXPECTED TO START REPAYING THE LOAN?

The interest-free loan is repayable in full on, or before 31/12/2025. Instalments can be made over the course of the 5 years, as determined by the business owners/ directors/ Trustees, Board members, etc., or as a lump sum payment on or before 31/12/2025. There will be no penalties for early repayments. Bank account details for repayment, along with a relevant unique reference to be used, will be provided on loan agreements.
 

QUERIES

For queries, you can contact your relationship banker or call our dedicated small business contact centre team on 0860 116 400.