Cape Town – Standard Bank has announced a 3-month payment holiday for small business owners in South Africa amid the coronavirus pandemic.
According to Business Report, the bank will give small business owners and students a reprieve on payments until June 2020.
“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 R20 million a 3- month payment holiday, effective 1 April 2020,” said the bank in statement on Sunday.
You will be eligible for the payment offer if you meet the following criteria ;
- Your business is South African based, with a turnover of less than R 20 million per year.
- Your Business Current account, Bizlaunch account and Business Lending accounts are up to date.
- Your business is in good standing.
The bank has also approved announced a payment deal for students.
“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.
For LIVE updates on the Coronavirus pandemic, follow us on Twitter : @sacoronamonitor
BUSINESS REPORT