Here’s a brief overview of the qualifying criteria:

• Businesses must have an annual turnover of R300 million or less
• Businesses must have a track record with your bank and be in good standing with the Bank as at 29 February 2020
• Businesses must be registered with the South African Revenue Service (SARS)
• Businesses must have no existing capacity to borrow
• Businesses must have been negatively impacted by the COVID-19 lock-down and the resultant slowdown in the economy
Some additional mechanisms of the loan that are important to note:
• Loans are available for business operational expenses such as salaries, rent and lease agreements, contracts with suppliers, utilities, etc. for a period of three (3) months
• Approval of applications for qualifying businesses is subject to the Bank’s credit-application processes
• A business can only apply for one COVID-19 loan from one bank
• These loans will be offered at a single agreed lending rate by all participating banks
• The loan repayment period will be over 5 years (60 months), with a 6-month payment holiday (total of 66 months).