In his budget address last week, finance minister Enoch Godongwana announced a new R20bn bounce-back scheme to support small businesses in distress due to Covid. An intervention that’s been in the works for the past eight months , it removes many of the design flaws that hobbled SA’s original loan guarantee scheme.
The initial R200bn scheme was the single largest plank of the government’s R500bn Covid stimulus package, announced in April 2020. The R200bn target was always unrealistic, given the size of SA’s business sector, but even so, take-up by firms was lukewarm and only about R12bn of credit was eventually disbursed...
𝙸 𝚓𝚞𝚜𝚝 𝚖𝚊𝚍𝚎 R100k 𝚒𝚗 5 𝚍𝚊𝚢𝚜 𝚘𝚏 𝚝𝚛𝚊𝚍𝚒𝚗𝚐, 𝚒𝚝'𝚜 𝚞𝚗𝚋𝚎𝚕𝚒𝚎𝚟𝚊𝚋𝚕𝚎! 𝙰𝚕𝚕 𝚝𝚑𝚊𝚗𝚔𝚜 𝚝𝚘 Nelly_wa_Macha 𝚐𝚛𝚊𝚝𝚎𝚏𝚞𝚕 𝚖𝚊, 𝙸'𝚕𝚕 𝚔𝚎𝚎𝚙 𝚘𝚗 𝚝𝚎𝚜𝚝𝚒𝚏𝚢𝚒𝚗𝚐 𝚘𝚏 𝚢𝚘𝚞𝚛 𝚐𝚘𝚘𝚍𝚗𝚎𝚜𝚜
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Sasfin looks to disrupt SA business bankingNiche bank wants to bring a more personalised touch to business and commercial banking to win market share from its bigger rivals
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