The Oppenheimer family have established a new trust, the SA Future Trust (SAFT), to disburse the family’s R1bn donation with the purpose of extending a financial lifeline to employees of small, medium-sized and micro enterprises (SMMEs).
“While coronavirus has separated us physically, it has united us in our shared humanity and identity as South Africans. We have faith in our collective ability to overcome this challenge and emerge stronger than before,” said Nicky and Jonathan Oppenheimer.
Here Is All You Need To Know
- The intention of the trust, which is expected to be operational on Friday, 3rd April 2020 “is to create a structure that will extend direct financial support to SMME employees who are at risk of losing their jobs or will suffer a loss of income because of Covid-19,” the family said in a statement released on Tuesday morning.
- The purpose of SAFT will be to disburse funds by way of interest-free loans to employees of participating SMMEs over a five-year term, allowing businesses who are suffering from short-term cash-flow constraints to continue operations while retaining their employees.
- Effectively, the SMMEs will apply to the banks for loans and the loans will be used to pay eligible employees’ salaries. The employees themselves will carry no liability and will not have to pay back the money.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing, etc), taxation, strategies, etc. He also has a special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com