South African banks have provided a cumulative R45.5bn in financial relief and loan guarantees to businesses and individuals left financially distressed by the coronavirus pandemic and national lockdown up until August 1
“The R32.30bn is the cumulative amount of monthly instalments for assets and loans, which have been deferred. The combined value of the actual assets is R537bn. This includes R229.27bn for home loans, R52.06bn in business mortgages and R47.52bn in asset-based finance for companies.
“The loan guarantee scheme provides loans, substantially guaranteed by government, through participating commercial banks to eligible businesses, to help them survive until ‘new normal’ economic activity can resume.” The initial take-up of the scheme was slower than anticipated and, since August 1, the terms and conditions were revised, making it easier for small businesses to access loans to cover operating expenses such as salaries and rent. Key changes to scheme criteria include:
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