IDC says funding criteria will not be driven by BEE
It has set aside about R800m for relief to firms hard hit by Covid-19, with race not a criterion for which receive it
The Industrial Development Corporation (IDC) says its relief measures to support distressed firms during the Covid-19 lockdown and beyond will not necessarily be driven by BEE considerations.
The IDC is a key national development finance institution set up to promote economic growth and industrial development. It also focuses on driving regional development, the economic empowerment of communities, and growing black industrialists. It has set aside about R800m to provide relief to firms hard hit by the coronavirus crisis, with R300m earmarked for small businesses. The IDC says it has received more than a million inquiries for funding in the past month...
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