In this National State of Disaster, Standard Bank has given small business owners and full-time students in South Africa a three-month payment holiday.
“We understand the pressures of being a small business owner. So we would like to lighten the load by giving our customers with a turnover of less than 20M a 3- month payment holiday, effective April 1, 2020,” the bank said in its statement.
According to the bank’s website, you are eligible if:
– Your business is South African-based, with a turnover of no more than R20 million per year.
– Your Business Current account, Bizlaunch account and Business Lending accounts are paid up to date.
– Your business is in good standing.
This arrangement will take automatic effect for qualifying businesses. Persons who do not wish to participate in this relief strategy should contact their banker or email [email protected]
Students can also breathe easier.
“For our students we have also approved a payment holiday from 1 April to 30 June for our student loan customers who are studying full time. This will be at 0% interest and with zero fees. This is an automatic offer and no applications are required,” the bank said on its website.
Geordin Hill-Lewis, the DA’s Shadow Minister of Finance, told IOL the party welcomes this gesture. “This business loan forbearance, if it is matched by all banks, will give much needed relief to struggling businesses and families. It will give our economy the breathing room it needs to survive the next few months,” Hill-Lewis said.
It remains to be seen if other banks will follow suit.