Willowton Group and Al Baraka Bank create a lifeline for SMMEs with R100m initial funding towards R500m proposed fund

Small, Medium and Micro Enterprises (SMMEs) that have been crippled by the COVID-19 pandemic need an immediate lifeline if they are to survive and recover after the lockdown is lifted. A group of businesses, led by Willowton Group and Al Baraka Bank, have joined forces to provide this urgently needed lifeline through the creation of the Giving For Hope Foundation (GFHF).

Speaking at the webinar media launch of the GFHF on Wednesday, April 8, Mr Mahomed Zubeir Moosa, chief executive officer of Willowton Group and founder of the GFHF said that combined loan of R85 million from Willowton Group and its shareholders, together with R10-million funding by Al Baraka Bank and R5-million from the South African Muslim Charitable Trust provided the start-up capital for the trust.

The aim is to launch with R100 million and Moosa called on businesses across the country to loan money to the GFHF with the ultimate aim of raising R500-million within the next few weeks. This will be split into small loans which will be effective for two years. Businesses will only need to begin to repay the loans, in 12 monthly instalments, after the first year. The loan will be interest-free, profit free and admin-cost free basis