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Parliament urges banking sector to help small business

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The banks have come under question in Parliament after it emerged that there has been a low uptake on government guaranteed loans of R200 billion to help small businesses battling Covid-19.

Jacobs said the lending criteria by banks was still strict despite the government standing surety on the R200bn loans to small businesses.

"Three months after its much vaunted launch only R13.26bn out of R200bn has been committed to businesses," read Cosatu's presentation to the committee. Cosatu added that 10% of the applications were rejected because of the National Treasury and South African Reserve Bank's eligibility criteria and 27% of the applications were rejected by the banks because of their risk criteria.

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Banking sector urged to do more to help small business ownersFaiez Jacobs, the whip of the small business development committee, said on Wednesday they agreed with most of the proposals raised by Cosatu during its presentation on the funding by banks.
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