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The COVID-19 Loan Guarantee Scheme is aimed at supporting small and medium businesses who have lost significant income as a result of the steps taken by the South African government to curb the spread of COVID-19. Announced by President Cyril Ramaphosa as part of the R500 billion stimulus package, the details of the scheme were agreed by the National Treasury, the SA Reserve Bank and the Banking Association of SA (Basa) in May.
The National Treasury has provided an initial guarantee of R100 billion to the scheme and it has indicated there is an option to increase the guarantee to R200 billion if necessary and if the scheme is deemed successful.
The scheme will provide government-guaranteed loans through participating banks to firms with an annual turnover of less than R300 million. The loans will improve business liquidity and help these businesses stay active for the duration of lockdown restrictions and return to being economically productive once all restrictions are lifted. In the longer-term, its objective is reviving the economy and preserving jobs.
Read more: BSA COVID-19 Loan guarantee scheme: What you need to know
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