WesBank, the vehicle and movable equipment financier, yesterday launched "job creation finance", an interest rebate based finance scheme aimed at stimulating job creation. Ronnie Watson, the chief executive, said a 0.25 per cent rebate on interest charges on any movable assets financed through WesBank would be awarded to small- and medium-sized enterprises (SMEs) with turnovers of up to R100 million.
Watson said all that these SMEs needed to do was to create one extra job on their books during the first 12 months of their finance contract with WesBank. "The interest rebate is calculated over the entire term of the contract, not just the first 12 months, so the cash reward employers collect for employing additional people could be quite substantial," Watson said.
