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Banking Association provides clarity on COVID-19 business loans

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The South African Banking Association has shared a promotional tweet to provide clarity on the conditions of the COVID-19 business loan.

The South African Banking Association took to Twitter on Wednesday, 28 October 2020, to reveal that there is a detailed guide on the conditions relating to the COVID-19 business loan. Businesses in South Africa, and the world at large, experienced a downturn in recent months, leading to the closure of some. In response to the situation, the state initiated the COVID-19 loan guarantee scheme.

According to the document, the scheme “is an initiative to provide loans, guaranteed by government, to businesses with an annual turnover of less than R300 million to meet some of their operational expenses. Government and commercial banks are sharing the risks of these loans.”

The document also shared more details on the COVID-19 loan guarantee scheme, such as who manages the scheme, which businesses are eligible to apply, and the conditions of the scheme. Moreover, there are also details on the consequences of failing to repay the loan.

See the post below.

Sabelo Makhubo
[email protected]

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