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.