In a blow to President Cyril Ramaphosa’s post-Covid economic recovery efforts, the Banking Association SA (Basa) expects the industry to have disbursed just more than 12% of the government’s flagship loan guarantee programme by January.

The R200bn scheme is the cornerstone of Ramaphosa’s plan to keep businesses — especially small firms, which typically have limited cash buffers or access to capital markets — financially healthy so they can continue to play a meaningful role in the economy, which is likely to record one of its biggest recessions in generations...

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