Financial Aid For Formal Sole Proprietors

Financial Aid For Formal Sole Proprietors

Business Partners is offering formal sole proprietors, a grant of R25 000 per qualifying business to be used to pay for overheads.

Who are formal sole proprietors?

According to their website, formal sole proprietors are individuals conducting formal business in their personal capacity, such as personal services or consulting operations often employing more than two individuals. The business is registered with the relevant authorities in terms of a business license and tax.

Who qualifies for the grant?

To qualify for financial aid, the business must:

  • Provide evidence of financial activity prior to the COVID-19 outbreak.
  • Be both tax and regulatory compliant

Are your tax affairs not in order?

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Is the grant repayable?

No, the grant is not repayable. However, the beneficiaries of the financial aid are encouraged to to pay it forward and repay as much of the grant to the public benefit organisation created for the initiative as they can afford. The money will be used to provide financial aid to other business owners in need in future.

How do one apply?

The application process is only available online at their website www.businesspartners.co.za and everything required will be done through electronic communication. There is no need to travel to their offices to sign any documents.

What documents do you need?

Applicants are required to submit the following documents and information with their application:

  • 3 months’ bank statements of the business for the period 01 December 2019 to 29 February 2020 to assess operations before the lockdown.
  • Copy of identity document.
  • Copy of business license (where applicable)
  • Copy of tax clearance certificate

What if I am registered business or trust?

Funding is available for formal registered business click here to read the article.