The Industrial Development Corporation (IDC) and the Department of Trade, Industry & Competition (the dtic) this week published the new guidelines for the Clothing, Textiles, Footwear and Leather Programme. These new programme guidelines are effective from 1st October 2020 until 31st March 2021.
The new guidelines are a response to the impact and subsequent effects of the Covid-19 pandemic to the South African clothing, textile and footwear economy. The dtic and IDC have identified an immediate need for providing assistance and relief to the sector through a Working Capital Interest Subsidy (WCIS). The WCIS offers an interest subsidy for working capital facilities to a maximum of R700 000 per annum per qualified recipient.
Applications to qualify for this WCIS are to be made to determine qualification for this benefit. Applications are to be made before 31st March 2021 with payment of the interest subsidy benefit to qualified recipients being made