SA banks ready to assist distressed businesses amid Covid-19 pandemic
Global law firm DLA Piper, which has advised the Banking Association South Africa (Basa) and South Africa’s biggest banks on the country’s loan guarantee scheme, has announced that the banks are ready to receive loan applications from businesses impacted by the coronavirus (Covid-19).
The loan scheme, which was activated on May 12, was announced by President Cyril Ramaphosa in April and will help businesses with a yearly turnover of less than R300-million to fulfil their operational expenses.
The loans under this scheme will be guaranteed by government, which will share the risk with Absa, First National Bank, Investec, Mercantile Bank, Nedbank and Standard Bank.
Treasury has guaranteed an initial R100-billion and could increase the guarantee to R200-billion if the scheme is successful.
DLA Piper South Africa managing partner Johannes Gouws said his company was proud to support its clients, government and, indirectly, more than 700 000 small and medium-sized businesses through this initiative.
“Working on what is seen to be one of the largest financing transactions that South Africa has ever seen shows the trust our clients have in DLA Piper as well as the strength and depth of our capability,” said Gouws.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation