FNB has partnered with the South African government on its bounce back loan scheme. The scheme is aimed at providing additional funding to qualifying businesses to grow the South African economy and to facilitate job creation.
The bank said it has already begun processing applications and will enhance its processes over the next few weeks, to ensure that customers can access the loans seamlessly across all its channels.
“Rather, these bounce back loans have the potential to act as a real catalyst of growth for SMEs, which is more important than ever in terms of contributing to the country’s sustainable economic recovery.” The only restrictions are that the loans can’t be used to repay shareholder loans or settle debt and entities and sole proprietors must be tax registered. This means that companies are able to invest the funding into the aspect of their business they need to in order to support its future growth.
Little explains that this decision was taken to demonstrate FNB’s commitment to leveraging the Bounce Back loans as invaluable SME support mechanisms. “We want South African small businesses to know that when it comes to supporting and growing their businesses, FNB is all in.
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