Standard Bank have set up the Coronavirus Business Interruption Payment Scheme for their SME customers who have been negatively impacted by the Covid-19 outbreak. The scheme offers payment relief for three months on business loans held with the bank. Interest and fees will accrue over this time.
1 April 2020 to 30 June 2020
You are eligible for the instalment relief if:
- You are the owner of a small business with a turnover under R20 million a year
- You have a Standard Bank business loan
- Your accounts are not in arrears as at 31 March 2020
- You are in good standing with Standard Bank
HOW DO I REGISTER / APPLY?
This relief will be automatically applied however should you not wish to change your payment arrangements, contact your Banker or email firstname.lastname@example.org
WHERE CAN I FIND SUPPORT?
QUESTIONS AND ANSWERS
How do I qualify for the Coronavirus Business Interruption Payment scheme?
Do I need to opt in our out of the payment holiday for SME’s?
You are, however able to opt out. If you do not wish to change your payment arrangements, please contact your Banker or email Businessassist@standardbank.co.za urgently.
All other customers are requested to contact the bank to indicate their circumstances. Assistance from Standard Bank will also include options to defer payment for an agreed period and the opportunity to restructure and consolidate the overall debt.
If I am a qualifying customer, for how long will my debt repayments be deferred?
What exactly is the Coronavirus Business Interruption Payment scheme?
What other debt solutions do you have to help my business?
What will happen to my payments?
Do you offer instalment relief for small business owners on personal lending?
All your business and personal accounts are up to date as at 31 March 2020
The instalment relief on your personal loans will be from 01 April until 30 June 2020.
This includes Personal Loans, VAF (self-employed), Card, and Home Loans (self-employed).
If you have applied for a Home Loan or VAF with a salary slip as an employed individual, you will unfortunately not qualify automatically, and you will need to contact your Business Banker or Account Executive directly if you have any queries.