Standard Bank offers relief to small and medium businesses amid Covid-19 crisis

Standard Bank has offered its small and medium business customers a three-month debt holiday during the uncertain times caused by Covid-19.

The bank said its team was dedicated to helping business with  practical advice and assistance for any contingency plans.

In a statement, the bank said it has a range of options available to support businesses, including the Coronavirus Business Interruption Payment Scheme, which will provide payment relief to business for 90 days.

“This scheme will launch on the April 1 and strives to support small and medium-sized business with a payment holiday for 90 days.”

The bank said those eligible for the Coronavirus Business Interruption Payment Scheme are SA businesses with a turnover of no more than R20m per year, whose business current account, Bizlaunch account and Business Lending accounts are paid up to date and their businesses are in good standing.

It said beside the payment holiday where repayments will be deferred for an agreed period, the bank can also assist with restructuring and consolidation of its customers’ debts.