Nedbank have said that they will follow their competitor Standard Bank’s lead and provide relief products to it’s customers, with loan payments extended and credit options to be made available.
Standard Bank unveiled a Coronavirus Business Interruption Payment Scheme on Sunday 22 March to offer financial relief to small business owners affected by the COVID-19 pandemic.
Nedbank follows suit
Nedbank spokesperson Kedibone Molopyane did not reveal the exact range of relief products that would be made available to small-business owners, but said that whatever support they could provide would be in aid of limiting its customer’s misery in uncertain financial times.
“This support could include deferring payments (or part thereof) for a suitable period, extending existing loan periods or extending additional credit to manage short term cash-flow shortfalls.”
“Nedbank understands that we have a responsibility to do all we can to play our part in reducing the impact of Covid-19 on our customers, our economy and our country. We are committed to supporting our clients during this time of uncertainty and have a number of solutions available to assist clients in good standing who are impacted by this pandemic.”
He said that Nedbank would be working with all relevant stakeholder who are pooling together to fight the pandemic in order to continue identifying where their support is most required.
“We continue to work with our clients, regulators, industry bodies and government to mitigate the impact of Covid-19 and will provide further guidance to clients on these matters as they evolve,” Molopyane said.
Debt relief fund
The Department of Small Business Development is also lending a hand in the crisis, unveiling a debt relief fund that they will hope can offer some respite to the concerns of millions of debt-ridden South Africans.
Small business minister Khumbudzo Ntshavheni said that the fund is aimed at providing relief on existing debts and repayments.
“For SMMEs to be eligible for assistance under the debt relief fund, the applicant must demonstrate the direct link of the impact or the potential impact of Covid-19 on business operations,” Ntshavheni said.
“This facility will also assist entities to acquire raw material, pay labour and operational costs.”
Source: The South African Read More“All these interventions will be structured to match the patterns of the SMMEs cash flows, as well as the extent of the impact suffered.”
