Because of COVID-19, we are asked not to touch each other, and to do social distancing - and most businesses have been affected by this. We have also heard that some entrepreneurs are finding innovative ways to do business - some do meetings via Skype or Zoom, and some allow their customers to contact them via Apps like WhatsApp.Whatever you're doing, let's not lose hope! Here's a little GOOD NEWS...If you haven't heard yet, 

the Department of Small Business Development announced last week that a Debt Relief Fund is underway to assist small businesses that are impacted by COVID-19. "The Debt Relief Fund is aimed at providing relief on existing debts and repayments, to assist SMMEs during the period of the Covid-19 State of Disaster," the department said.

The facility would assist entities in acquiring raw materials and pay labour and other operational costs. Business owners must demonstrate a direct link between the impact or potential impact of the pandemic on their operations. Enterprises seeking assistance must register on the SMME South Africa portal at www.smmesa.gov.za, which will be live on Tuesday 24 March.

Next week we will release an extensive GUIDE to all government and corporate interventions aimed at helping SMEs during this time. 

NEW THIS WEEK:

‘The First Mistake I Made in Business’ – The Best Readers’ Comments

Entrepreneurship does not have to be lonely - we are very grateful for our insightful community which engages with us on daily. We gathered some of the best reader comments on the question below.  

MORE STORIES:

- 11 Reasons to Love Your Competitors

- Business Opportunities in Africa’s Media Industry From a Journalist-Turned-Entrepreneur

- Motivational Quotes For When You Need Direction in Business

- The following content is paid for by The People's Fund -

THIS MONTH:  We Answer All Your Purchase Order Funding Questions:

In March, Luyanda Jafta from The People's Fund will be answering all your FAQs about Purchase Order Funding, from how to apply to who qualifies.

Q: How big does the contract or tender need to be for you to fund it?

We fund contracts and tenders of any size as long as the capital required is not more than R1 million.

Q:  What is your qualifying criteria?

The business must be 51% black-owned and must be able to demonstrate the ability to deliver. The contract must have at least 20% margin, meaning if you need R80,000, the purchase order value must be R100,000 or more.

Read more here.

COMING SOON - An In-depth Look at How South African SMEs are Using Tech 

The SME South Africa Tech White Paper, ‘Advancing Technology Use Among South African SMEs to Accelerate Growth’, sponsored by Telkom, launches soon. Pre-register for your FREE copy and get insight into the following: 

1. The reasons South African business owners are not making use of technology at the levels they should.

2. The tech benefits that small business owners are missing out on e.g. access to new markets, reduction in business costs, and improved efficiency and competitiveness.

3. How technology brands should be talking to small business owners and the role of entrepreneurship ecosystem stakeholders in increasing technology use.Pre-register to be one of the first people to get your FREE copy: