Budget Insurance has launched a R6-million small business relief fund to help small businesses that have been impacted by the Covid-19 pandemic and lockdown regulations.
This, while South Africa’s Karri app has introduced a new feature to securely collect payments without transferring or handling cash.
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With Covid-19 headlining news all over the world, Ventureburn has launched a regular daily roundup on the virus and how it is affecting Africa’s tech startup sector.
Those with any news releases relating to Covid-19 and Africa’s tech startup sector can send these to editor@memeburn.com.
Budget Insurance has launched a R6m small business relief fund
Here then is the latest on the coronavirus and African tech startups:
New relief fund: Budget Insurance has launched a R6-million small business relief fund to help small businesses that have been impacted by the Covid-19 pandemic and lockdown regulations, Business Report said in an article today. The fund will be split among small businesses with an annual turnover of less than R15-million. Those that qualify will be offered a relief package of up R100 000 each, as well as mentoring.
R5bn fund planned: A new fund, the Kisby fund, aims to raise up to R5-billion to support small businesses, Business Day reported in an article yesterday. The fund, which is headed by former Post Office head Mark Barnes, is a partnership between 4AX Africa Exchange, 4AX Debt Services, media company Arena Holdings, owners of Business Day, and online credit provider Rainfin. The fund aims to begin lending this spring, Barnes said.
Never waste a good crisis: Venture capitalist and former FNB banker Michael Jordaan says the Covid-19 pandemic has brought unprecedented demand on data services and adaptive technologies for working from home, he told MyBroadband in a video. In the video he tells how South Africa “should not waste a good crisis” and how the state should lead in re-energising the economy.
Cancelled: Business Partners has announced that it has cancelled the 2020 iteration of its Entrepreneur of the Year award due to circumstances resulting from the Covid-19 pandemic.
Startup adds cashless collection option: The Karri app has introduced a new feature to securely collect payments without transferring or handling cash. KarriScan helps businesses to collect, track and manage payments using a QR code. The code can be sent by email, print, social media or even be displayed at a collection point. The app is free, easy to use and funded by Nedbank. Doug Hoernle (pictured above), the founder of Karri, which was launched in 2017, claims the app is the quickest, safest and most convenient alternative to cash.
Featured image: Karri founder Doug Hoernle (Supplied)
