The R200bn loan scheme launched by the government to underwrite loans from private sector banks to private sector commercial entities and help with operating cash flow deficits brought on by Covid-19 has been a flop. This time though, we can’t lay the blame firmly, and only, at the feet of the state, as is our wont.

Less than 10% of the fund has been used, in what are obviously difficult times for small companies in particular, and any number of reasons have been proffered for its failure...

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