Last week, National Treasury announced that it had provided a guarantee of R100 billion to banks to provide additional funding for small businesses.Funeka Montjane, chief executive of personal and business banking at Standard Bank, says: “This guaranteed loan scheme will bolster efforts made in both the private sector and government to aid small business.
The loans, which will cover up to three months of operational costs, may only be used for a business’ operational expenses, such as salaries, rent, lease agreements and contracts with suppliersLoans will be made available to business customers with an annual turnover of less than R300 million. The bank has partnered with the Supplier Development Initiatives – a services-on-demand platform that aggregates platforms to uplift micro suppliers by giving them access to the market, in effect allowing micro suppliers to do business with large corporates – to assist more than 2 170 entrepreneurs who provide access to their services through Uber, Bolt, SweepSouth, Loadit, WastePreneurs and Tradeway.
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