5.5 years to pay: How SA’s just-opened R200bn Covid-19 loan scheme works | BISouthAfrica
Absa, First National Bank, Investec, Mercantile Bank, Capitec, Nedbank, and Standard Bank are now accepting applications for Businesses that make up to R300 million can get cash, with a payment holiday of six months and another five years after that to pay.
The first R100 billion has been provided in guarantee form,"with the option to increase the guarantee to R200 billion if necessary and if the scheme is deemed successful," said the Reserve Bank. Any business with turnover below R300 million and which is in good standing can apply to its existing banker for such a loan, but may take out only one Covid-19 loan.
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