A crucial piece of the government's R500bn Covid relief package has yet to deliver on any meaningful scale, with small and medium businesses having so far taken up just R7bn of the state-backed R200bn loan guarantee scheme that was meant to help them survive the crisis.

The banking industry is in talks with the Treasury and the Reserve Bank to improve the terms of the scheme, which was launched almost six weeks ago and is core to maintaining jobs and capacity and supporting the reopening of SA's economy...

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