MINISTER DAVIES TO LAUNCH THE GOLD LOAN SCHEME FOR JEWELLERY MANUFACTURERS

MINISTER DAVIES TO LAUNCH THE GOLD LOAN SCHEME FOR JEWELLERY MANUFACTURERS

The Minister of Trade and Industry, Dr Rob Davies will launch the Gold Loan Scheme at the Industrial Development Corporation (IDC) offices in Sandton, Johannesburg on Tuesday, 30 September 2014. The Gold Loan Scheme of R100 million has been set up to provide working capital loans to gold jewellery manufacturers.

According to Minister Davies, funds for the scheme sourced from the Manufacturing Competitiveness Enhancement Programme (MCEP) Industrial Niche Projects Fund managed by the Industrial Development Corporation (IDC).

“The objective of the MCEP Industrial Niche Projects Fund is to provide funding to new, emerging or niche manufacturing sectors of which jewellery manufacturing is one of them,” he says.

He adds that funding from this scheme will only be available for manufacturing activities taking place in South Africa and only existing businesses funded.

“The applicant must possess requisite statutory approvals and documents for handling metals and must have adequate insurance against gold loss,” says Minister Davies.

Minister Davies added that the working capital loans under the Scheme provided at a fixed rate of 3% per annum.