Name of the fund
COVID-19 Term Loan Scheme
Fund administered by
Banking institutions, on behalf of South African Reserve Bank and National Treasury
Type of relief/support
Special credit facility
Total size of the fund
Who does the fund target?
SMEs with a turnover of less than R300m
Minimum amount you can apply for
Maximum amount you can apply for
APPLICATIONS FOR THE COVID-19 TERM LOAN SCHEME WILL CLOSE ON 11 JULY 2021.
- SME must show that they were in good standing with their banks prior to the onset of the Covid-19 pandemic.
- All loans will be subject to bank credit approvals.
- Operating entities - all business types, but specifically excluding individuals, state-owned entities, listed companies and companies with capital market funders or funding instruments
- Turnover must be less than R300m per year.
- The business must be registered with, and in good standing with SARS as at 29 February 2020 (i.e. up to date on all credit agreements, good credit history).
- The loan covers up to three months’ full operating expenses, and the qualifying amount will be determined by the business needs and affordability.
- Operating expenses include salary and wages; rental and lease cost; utilities; supply chain; and other operating expenses.
HOW TO APPLY:
- Complete and sign a loan application form from your bank. Only one application will be allowed to one bank.
SUPPORTING DOCUMENTATION TO BE PROVIDED:
- All documentation listed on the document checklist as determined by your bank.
FOR ADDITIONAL INFORMATION:
- Please contact your bank for further details.