Interest on the loans will be capped at the repo rate plus a maximum of 6%.
The National Treasury has launched the Energy Bounce Back Loan Guarantee Scheme — an initiative aimed at alleviating the impact of continuing difficulties resulting from unreliable power supply for small businesses and households.
“The EBB aims to generate 1000MW in additional generation capacity as well as facilitate resilience to load-shedding for micro and informal businesses. Resilience measures include power storage assets without generating capacity, like batteries and inverters,” the National Treasury said on Tuesday. “This mechanism will allow businesses and households to switch to ESCO service providers for more reliable and cleaner energy without the need for loans to finance the full upfront costs of rooftop solar equipment themselves.
“This mechanism will increase the supply of rooftop solar solutions allowing businesses to source rooftop solar equipment with minimum delays. Participation through commercial banks will be subject to basic requirements, such as tax compliance and adherence to other legal and regulatory requirements. The maximum amount a business can borrow is R10 million. Businesses can also borrow a maximum of R30 000 through the scheme, for resilience measures.
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