Construction Industry Development Board SA’s Post

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Construction Industry Development Board SA

13,698 followers

4mo

#ContractorTuesday 🚧 Dreaming of 𝗯𝗶𝗴𝗴𝗲𝗿 #𝗰𝗼𝗻𝘀𝘁𝗿𝘂𝗰𝘁𝗶𝗼𝗻 𝗽𝗿𝗼𝗷𝗲𝗰𝘁𝘀 but short on available capital? ✨ Secure your next big project with third-party sponsorships and watch your business be cidb graded! 🚀🔨 𝗪𝗮𝘁𝗰𝗵 𝗼𝘂𝗿 𝘃𝗶𝗱𝗲𝗼 𝗻𝗼𝘄 𝘁𝗼 𝗳𝗶𝗻𝗱 𝗼𝘂𝘁 𝗺𝗼𝗿𝗲 𝗼𝗻 𝘁𝗵𝗶𝗿𝗱 𝗽𝗮𝗿𝘁𝘆 𝘀𝗽𝗼𝗻𝘀𝗼𝗿𝘀𝗵𝗶𝗽.

Transcript

Welcome to the CIDB. Being on our register of contractors opens the door to government contracts and enables you to compete on an equal footing with fellow contractors in your registered grade. To get a grade, you need to demonstrate your credentials in two main areas. The first area is your track record, the second your financial capability. In this video we explain sponsorship as a component of financial capability. Financial capability is made-up of. Turnover and available capital. Available capital is made-up of your net asset value plus members or directors, loans and any financial sponsorships. Sometimes the net asset value is not enough to qualify you for a grade and you'll need to top up. Sponsorship is a good way to do this. A sponsorship is a financial guarantee by another party to support the operations of the contractor to complete its projects simply. The other party stands surety for the contractor at the point of registration with the CIDB. What requirements should a sponsorship meet to be accepted? It must not be more than 15% of the sponsors net asset value If it is not provided by a financial institution. The funds put up must be readily available to you. They must be in a form acceptable to any registered financial institution in South Africa. The sponsorship amount allowed depends on the sponsors shareholding in your. Company. It may be up to 100% of the required available capital if the sponsor has more than 50% shareholding in your company. 100% of the required available capital if the sponsor is registered with the CIDP. 75% of the required available capital if the sponsor has 25% or more shares in your company. 50% of the required available capital needed if the sponsor has less than 25% shares in your company. Thank you for watching.

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Construction Industry Development Board SA

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