ABSA South Africa Future Trust (SAFT)

Sponsored Links
You are welcome to ZweFinder.net. Find on our website, all your authentic educational and Job news.
Sponsored Links

ABSA South Africa Future Trust (SAFT)

ABSA South Africa Future Trust (SAFT) – Find out all the facts about the ABSA South Africa Future Trust (SAFT).

See >> ABSA South Africa Contact Details

Quick Link: ABSA South Africa Interest Rates

Sponsored Links

What is ABSA South Africa Future Trust (SAFT)?

  • The South African Future Trust (SAFT) has been set up by Nicky and Jonathan Oppenheimer to provide direct financial relief of R1 billion to employees of qualifying SMMEs in South Africa against possible income loss as a result of the COVID-19 pandemic.

How does ABSA South Africa Future Trust (SAFT) work?

  • An interest-free loan will be granted to qualifying SMMEs, exclusively for the purpose of making weekly payments over 15 weeks of a specified amount of money to their permanent employees who are at risk of losing their jobs or suffering loss of income due to COVID-19.

How does SAFT operate?

  • SAFT has its own board of trustees including representatives from the Government and the private sector.

Do I qualify for ABSA South Africa Future Trust (SAFT) loan?

Any SMME that meets the qualification requirements and banks with either Absa, Nedbank, Standard Bank or FirstRand Bank can apply. SMMEs must apply at the bank where their main transactional account is held.

To qualify for a SAFT loan your business needs to:

  • Be able to prove the current or future impact of COVID-19 on your operations;
  • Have been trading for 24 months or more
  • Be in good standing with the bank
  • Have an annual turnover of less than R25 million
  • Includes sole proprietors, partnerships, operating trusts, CCs and Pty Ltd

My business does not bank with Absa, Nedbank, Standard Bank or FirstRand Bank?

SAFT is working to make the SAFT loans available to as many SMMEs as possible and is engaging with other financial institutions. Go to the SAFT website for more information and updates,

Which of my employees qualify for SAFT repayments?

  • Full-time employees are eligible – contractors will not qualify
  • Employees at risk of losing their jobs or income as a result of COVID-19
  • Business owners, Trustees, shareholders or their family members do not qualify

How much will my employees receive?

A standard amount of R750 per week per employee for 15 weeks will apply. SAFT will be monitoring the current COVID-19 situation and may adjust the 15-week period.

Do my employees need a bank account to receive their payments?

  • It is preferable that payments are made into the employee’s bank accounts. Should employees not have a bank account Absa will endeavour to make alternate arrangements, for example, make payments via CashSend.

Will my employees have to pay back any monies?

  • The employer enters into a loan agreement with SAFT in respect of amounts paid to the employees and employees will carry no financial liability as a result of these payments.

As an employer, when will I have to pay back my SAFT loan?

  • Your loan must be paid in full on or before 31 December 2025 – the loans are interest-free and carry no early-repayment fees. Loans can be paid as a lump sum or in instalments over 5 years at the discretion of the business. Loans paid after this date may be charged interest.

What if I cannot pay back my ABSA South Africa Future Trust (SAFT) loan?

  • You will sign a new loan agreement that will be cognizant of your default status.

How quickly can I get my loan?

Loans approved before the close of business every Wednesday of the week will receive their first payment on Friday thereafter. Payments will be made weekly on a Friday.

Read Other Interesting ABSA Articles below:

ABSA South Africa Swift Code

ABSA South Africa Careers

ABSA South Africa Branches and Codes

ABSA South Africa Contact Details

ABSA South Africa Routing Number

ABSA South Africa Banking App

ABSA South Africa Financial Statements

ABSA South Africa Interest Rates

ABSA South Africa Address

ABSA South Africa Annual Report

ABSA South Africa Savings Account

ABSA bank South Africa Email Address

ABSA South Africa Bank Code

ABSA South Africa CEO

ABSA South Africa Credit Rating

ABSA Bank South Africa Fixed Deposit Rates

ABSA Debt Consolidation Loans South Africa

ABSA Account Number Digits South Africa

ABSA ATM Deposit Limit South Africa

ABSA South Africa Foreign Exchange Rates

ABSA South Africa Facebook

ABSA South Africa Future Trust

ABSA Foundation South Africa

ABSA South Africa Head Office Contact Details

ABSA South Africa Head Office

ABSA Bank South Africa History

ABSA Bank South Africa Working Hours

ABSA Prime Interest Rate South Africa History

ABSA Home Loans South Africa

ABSA Hospital Plan South Africa

ABSA Home Loan Calculator South Africa

ABSA South Africa IBAN number

ABSA South Africa Internet Banking

ABSA South Africa International Number

ABSA South Africa Instagram

ABSA South Africa Investor Relations

ABSA Insurance South Africa

ABSA Investments South Africa

ABSA South Africa Jobs

ABSA Joint Account South Africa

ABSA Bank Limited Johannesburg South Africa address

ABSA bank limited Johannesburg South Africa swift code

Klasemen South Africa ABSA Premiership

ABSA South Africa Login

ABSA South Africa Logo

ABSA South Africa League

ABSA South Africa Leadership

ABSA South Africa Lending Rate

ABSA Life South Africa

ABSA Market Share South Africa

ABSA Asset Management South Africa

ABSA Money Market Rates South Africa

Moneygram South Africa ABSA

ABSA South Africa National Clearing Code

ABSA South Africa Contact Number

ABSA Non-Resident Account South Africa

ABSA South Africa Online Banking

ABSA Bank South Africa Ownership

ABSA Overdraft South Africa

ABSA Bank Ombudsman South Africa

ABSA Loans Online South Africa

Paypal ABSA South Africa

ABSA Products South Africa

Queenstown South Africa ABSA

ABSA Salaries South Africa

ABSA Stockbrokers South Africa

ABSA South Africa Twitter

ABSA Bank South Africa Telephone Number

ABSA Bank South Africa Cape Town

ABSA Universal Branch Code South Africa

ABSA South Africa Vacancies

ABSA ATM Withdrawal Limit South Africa

ABSA Prime Interest Rate South Africa

Sponsored Links

Kindly share with us your comments and suggestions by filling the comment box below. We shall respond to you ASAP 

Leave a Comment

Your email address will not be published. Required fields are marked *