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30 April 2020.  The Giving For Hope Foundation (GFHF) is currently reviewing 844 applications for loans worth R420-million and is looking to significantly grow its loan-based lifeline for struggling Small, Medium and Micro Enterprises (SMMEs). This is expected to save about 10 652 jobs as per the latest applications received. Since the launch new funders have come on board with the GFHF, some of the funders being 27Four Investment Managers Firm & Kamdar Group Property Investment and Development company.

Mr Mahomed Zubeir Moosa, chief executive officer of Willowton Group and founder of the GFHF, applauded government’s planned R500-billion intervention as it sought to delay the onset of the Corona pandemic in South Africa and save as many lives as possible whilst also trying to alleviate the hunger and job losses that were an inevitable result.

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The Giving For Hope Foundation (GFHF) is now processing applications from Small, Medium and Micro Enterprises (SMMEs) needing loans to survive the crippling COVID-19 pandemic and preserve jobs. 

The GFHF, which was officially launched on April 8 with initial seed funding from the Willowton Group, Albaraka Bank and the South African Muslim Charitable Trust, is appealing to larger businesses with the resources to survive the lockdown, to contribute towards a pool of funds that will be used for “soft” loans for struggling SMMEs. Within the first 24 hours of applications opening on Wednesday 15th April, there were 257 applications requesting a total of R147 million in funding and accounting for the preservation of 3 577 jobs. 

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Speaking at the webinar media launch of the GFHF on Wednesday, April 8, Mr Mahomed Zubeir Moosa, chief executive officer of Willowton Group and founder of the GFHF said that combined loan of R85 million from Willowton Group and its shareholders, together with R10-million funding by Al Baraka Bank and R5-million from the South African Muslim Charitable Trust provided the start-up capital for the trust.

The aim is to launch with R100 million and Moosa called on businesses across the country to loan money to the GFHF with the ultimate aim of raising R500-million within the next few weeks. This will be split into small loans which will be effective for two years. Businesses will only need to begin to repay the loans, in 12 monthly instalments, after the first year. The loan will be interest-free, profit free and admin-cost free basis.

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