SA’s great R200bn Covid bailout flop
A woeful 3.5% of the state’s R200bn loan scheme has been issued to desperate businesses. So what’s the hold-up?
It is two months since the introduction of a huge loan scheme of R200bn to help small businesses through the Covid-19 pandemic, and its performance has, so far, been dismal.
It was hailed initially as an enormous injection into the economy. But a meagre R7bn has found its way to SA businesses. In fact, according to Banking Association SA (Basa) MD Bongiwe Kunene, only 4,800 small businesses have been successful out of a chunky 29,700 that applied...