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R10bn jobs loan scheme unveiled

Feb 22 2011 17:15
Sapa
Johannesburg - The Industrial Development Corporation has set up a R10bn loan scheme to help companies that can create new jobs, CEO Geoffrey Qhena said on Tuesday.

The IDC "has launched a R10bn scheme, to run over five years, aimed at facilitating job creation and growing the economy", he said.

The funding would be lent to companies at an interest rate of prime less 3%.

"This will be across all IDC mandated sectors to businesses which demonstrate economic merit and efficiency in new job creation."

The IDC would consider applications for loans of R1m up to R1bn.

Projects with a "high development impact" - including job creation, rural development, broad-based black economic empowerment, and small and medium enterprises - would get a reduction of up to 1% on the IDC's loan facility.

"It is still important that businesses have prospects of acceptable profitability to service their financial obligations," said Qhena.

The IDC has also established a R750m fund to help businesses affected by the recent floods and drought.
   
idc  |  sa economy  |  job creation

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