Gordhan said in a statement that two billion rand (£104m) from the South African government was essentially a bridging loan to allow new investors to be secured.
The Minister said: "It must be clear that this is not a bailout. This is the provision of financial assistance in order to facilitate a radical restructure of the airline."
The country's flag carrier, which has suffered years of financial losses and dependence on government bailouts, was brought to the brink last month when a series of pay strikes by workers grounded flights.
It was announced on Thursday that the airline was to enter a business rescue process so it can continue to operate.
The existing investors would match the sum said the minister.
SAA is wholly owned by the South African government and has not made a profit since 2011 but depended on state bailouts totalling £3bn since 1994.
The minister signalled the business rescue process would likely lead to significant cuts as it would provide an opportunity to critically review the cost structure of the airline, while simultaneously attempting to retain as many jobs as possible.
"This approach also provides a structured opportunity to reorganise the state aviation assets in a way in which they are better positioned to be sustainable and attractive to an investment partner," he said.
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