News

April 2021 Update: COVID-19 Loan Guarantee

The Covid-19 Loan Guarantee Scheme, which was scheduled to expire on 11 April 2021, will remain in operation for a further three months to allow those who have qualified for a loan to continue to access their funds and for applications in process to be finalised. The scheme will not be extended beyond 11 July 2021.

COVID-19 Loan Scheme Extension

The Loan Guarantee Scheme (LGS) was announced by President Cyril Ramaphosa on 21 April 2020 as part of the Economic Stimulus Package and was designed to support small businesses that were experiencing financial distress as a result of the COVID-19 pandemic. The LGS was launched by the National Treasury, the South African Reserve Bank and the Banking Association South Africa (BASA) on 12 May 2020.

Climate Risk Forum Webinar

The session is scheduled for 30 March, 11:15 to 12:45, details included on the invite. Registration Link: Climate Risk Forum Webinar Registration

March 2021 Update: COVID-19 Loan Guarantee

As of 27 February 2021, R18,01 billion in loans had been approved by banks and taken up by small businesses under the Covid-19 Loan Guarantee Scheme. In the preceding two weeks, participating banks received only 258 applications for loans, of which 61, to the value of R54 million, were approved.

The National Budget 2021

With his budget announcement today, the Minister of Finance, Tito Mboweni, had to put the country’s finances on the road to recovery, create conditions to boost inclusive economic growth and job creation, and restore business and investor confidence.

Expropriation Bill No. 23, 2020

January 2021 Update: COVID-19 Loan Guarantee

As of 16 January 2021, R17,84 billion in loans had been approved by banks and taken up by small businesses under the Covid-19 Loan Guarantee Scheme.

ATM Hygiene Measures

South African banks are committed to creating a safe environment for their customers to transact and will continue to implement practical measures aimed at preventing the spread of Covid-19 at automated teller machines (ATMs).

December Update: COVID-19 Loan Guarantee

As at 21 November 2020, banks had approved R17,49 billion in loans to small businesses under the Covid-19 Loan Guarantee Scheme. The scheme is a partnership between participating commercial banks, the National Treasury and the South African Reserve Bank (SARB)

Banks Hit By Downgrade

The credit ratings of SA banks will be downgraded after the decision by three investor services agencies to downgrade the country’s credit risk rating. As banks depend on the health of the economy as a whole for sustainable business and are among the largest holders of sovereign bonds, their credit ratings are never higher than that of their country.