Rescue loan scheme for SMEs ready for launch

03 May 2020 - 00:08 By HILARY JOFFE

Bankers have been meeting Treasury and Reserve Bank officials every day for the past couple of weeks to hammer out details of the new R200bn loan guarantee scheme the banks will launch for small and medium-sized business customers in coming weeks.

The scheme aims to ensure that companies shut down by the coronavirus crisis can stay alive long enough to eventually recover. It’s ultimately government aid, provided via the Bank — but it uses the infrastructure of SA’s banking industry as a conduit to get the money to firms, “to save jobs and support the economy”, as the Banking Association of SA (Basa) puts it...

This article is reserved for Sunday Times subscribers.

A subscription gives you full digital access to all Sunday Times content.

Already subscribed? Simply sign in below.

Registered on the BusinessLIVE, Business Day, Financial Mail or Rand Daily Mail websites? Sign in with the same details.



Questions or problems? Email helpdesk@timeslive.co.za or call 0860 52 52 00.