Standard Bank on Sunday announced a 3-month payment holiday for small business owners in South Africa amid the coronavirus pandemic.

The bank says it will offer payment relief as a preventative measure to shield small business owners from the economic impact of the Covid-19 outbreak.

The bank says interest and fees will still be charged and capitalized. They will be due after the 90-day period.

According to Standard Bank’s website, clients are eligible for the Coronavirus Business Interruption Payment Scheme if:

  • your business is South African based, with a turnover of no more than R 20 million per year.
  • your Business Current account, Bizlaunch account and Business Lending accounts are paid up to date.
  • your business is in good standing.

For more information, visit the Standard Bank website.