Government launches R100bn Covid-19 loan guarantee scheme
Banks will not profit from funding to help businesses with turnover of less than R300m with money for wages and rent
The government’s Covid-19 loan guarantee scheme — aimed at helping businesses battered by the pandemic fallout — has gone live.
The scheme will provide government-guaranteed loans to firms with a turnover of less than R300m, to help cover their operational expenses such as salaries, rent and lease agreements. The money will be made available through six participating banks: Absa, First National Bank, Investec, Mercantile Bank, Nedbank and Standard Bank...