R14bn ‘already loaned to businesses’ to ease Covid-19 losses
Close to 10 000 businesses have already benefitted from government’s loan guarantee scheme, Treasury said on Thursday.
The scheme, established to help struggling businesses affected by the Covid-19 pandemic, loaned R14 billion out of an initial R100 billion since the beginning of the pandemic.
A total of 15 000 applications are still being processed by the banks.
Finance Minister Tito Mboweni met with the Banking Association of South Africa (Basa) on Thursday to discuss measures banks were taking to support the economy.
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“The banking industry’s ongoing openness to discuss and design improvements is particularly appreciated, and I note that many countries have adjusted the design of their respective schemes from time to time to respond to changing circumstances,” said Mboweni.
"We will continue to evaluate the scheme and make changes to improve it.”