This support could include deferring payments (or part thereof) for a suitable period, extending existing loan periods or extending additional credit to manage short term cashflow shortfalls, the bank said in a statement.
Nedbank said its clients are encouraged to contact the bank. Small business clients can speak to their dedicated relationship banker if they need to restructure their debt or change their payment arrangements as a consequence of Covid-19.
Similarly, Standard Bank also announced relief measures for businesses hit by coronavirus, including a Coronavirus Business Interruption Payment Scheme which will provide payment relief to your business for 90 days.
The Department of Small Business Development is also establishing a debt relief fund to help mitigate the impact of the economic shutdown caused by the coronavirus on small, micro and medium enterprises (SMMEs).
Small business minister Khumbudzo Ntshavheni said that the fund is aimed at providing relief on existing debts and repayments.
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