Cape Town - Standard Bank has announced a 3-month payment holiday for small business owners in South Africa amid the coronavirus pandemic.
According to Business Report, the bank will give small business owners and students a reprieve on payments until June 2020.
"We understand the pressures of being a small business owner. So we would like to lighten the load by giving our customers with a turnover of less than R20 million a 3- month payment holiday, effective 1 April 2020," said the bank in statement on Sunday.
You will be eligible for the payment offer if you meet the following criteria ;
- Your business is South African based, with a turnover of less than R 20 million per year.
- Your Business Current account, Bizlaunch account and Business Lending accounts are up to date.
- Your business is in good standing.
The bank has also approved announced a payment deal for students.
"For our students we have also approved a payment holiday from 1 April to 30 June for our student loan customers who are studying full time. This will be at 0% interest and with zero fees. This is an automatic offer and no applications are required," the bank said on its website.
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