The SAFT fund, established by Nicky and Jonathan Oppenheimer, has enabled thousands of small businesses in the country to support employee wage relief.
While SAFT funding is no longer available, the bank said it is considering additional relief measures in the form of financial and non-financial support, as well collaborating with other entities and government to enable support.
So far, Standard Bank business customers with turnovers of less than R20m per annum have been automatically offered installment relief via a three-month payment holiday. Business customers have also been offered a range of relief measures, on an opt-in basis, ranging from payment holidays, installment reduction, debt consolidation and interest rate reduction to ex gratia insurance payment for lost income.
“The need to support our SMMEs and their employees is paramount to how we manage the economic impact of the national lockdown implemented because of Covid-19. "SAFT was an example of how we can do this if various parts of the private sector pool their resources for the betterment of our citizens. The rate of subscription to the fund highlights the plight of many South African businesses today,” Cooper said.
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