Small Business Support Fund (SBSF)
August 31, 2020
Following consultations with the Seychelles Chamber of Commerce and Industry (SCCI), the Government of Seychelles will on the 10th of September 2020, launch a Small Business Support Fund (SBSF) facility, which will provide loans to small businesses.
The loan will not attract any interest and its primary objective is to ensure that small businesses get the finance they need quickly to help them survive the economic crisis as a result of the covid-19 pandemic. This is in addition to the CBS loan scheme, tax deferrals, and the job retention scheme, which are already helping other micro and small businesses. This facility will only be available to Seychellois owned businesses that have been established before 1st March 2020. Applicants can qualify up to a sum of R100,000 and the loan will attract a 1 year grace period followed by a 3 year repayment period. No guarantees or collaterals will be required.
The Fund is to be managed by the Development Bank of Seychelles (DBS). Applicants must ensure that their Tax Return is up to date and has been submitted to the Seychelles Revenue Commission. Applicants must be able to demonstrate that the business is viable and must have a plan to ensure it remains viable. At the time of submitting their application, the business is neither in bankruptcy, liquidation or similar. The borrower is responsible to repay 100% of the loan amount. In the event of defaults, the DBS are obligated to follow their standard commercial recovery procedure.
Applications from eligible borrowers will be subject to Anti-Money Laundering (AML) and Know Your Customer (KYC) checks.
Successful applicants will also have access to programmes, which includes financial literacy & education, capacity building in business affairs, business advice and support, employment matters.
Application forms and further information will be available on an online portal as from the 10th September 2020 and will be communicated accordingly.
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