UPDATED: Standard Bank has announced a 3-month payment holiday for small business owners and students in South Africa amid the coronavirus pandemic.
Cape Town - Standard Bank on Sunday announced a 3-month payment holiday for small business owners and students in South Africa amid the coronavirus pandemic.
"This measure will not only assist our small business clients with managing their cash flows, but also allow them to honour payments to their own employee base," the bank said.“The relief will come from capitalising the interest and fees typically paid to the bank each month and changing the terms of repayment to a later date. This, we hope, will relieve cash flow constraints currently caused by the COVID-19 outbreak.
The DA commended the bank's announcement and called on other banks to match the "relief intervention".
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