RUPERT FUND SHUT DOWN TEMPORARILY
The fund created by the Rupert family and Remgro has been shut down temporarily.
This is as a result of a massive oversubscription from desperate SMMEs. Applications to the fund escalated to a massive 2.8 billion Rand in the space of a couple of days, well in excess of the 1 billion Rand made available.
The fund administrators pleaded with big corporates to make donations in order to assist SMMEs during this time.
It is, at this stage, unclear if and when applications will reopen.
We will keep members abreast of developments in this regard.
We are all in this together.
Privileged and challenged to be South African.