What is the National Government doing to encourage banks to provide relief to business owners?

Home » Business Support » What is the National Government doing to encourage banks to provide relief to business owners?
}

Published: March 25, 2020

In his address on 24 March 2020, Minister Ebrahim Patel confirmed that the Government has issued an exemption to banks under the Competition Act to coordinate on measures which can be used to support businesses and ordinary citizens during this period.

The exemptions will allow South African banks to work together to devise programmes and relief measures which can help small businesses and consumers through these financial and economic challenges.

In particular, the exemptions will enable banks to coordinate in respect of payment holidays and debt relief for business and individual citizens subject to financial stress; limitations set on asset repossessions of business and individual citizens subject to financial stress; and the extension of credit lines to individuals and businesses subject to financial stress. This includes sharing information and resources to ensure the continued availability of banknotes to ATMs, branches and businesses

To see Minister Patel’s full statement click here.

Related FAQS

WHAT RELIEF MEASURES HAVE BEEN MADE AVAILABLE FOR ARTS AND CULTURE (INCLUDING FILM, CREATIVE INDUSTRIES, MUSIC AND CULTURE)?


Yes, there are relief measures for the film and creative industries. These are the measures: Western Cape Relief for the Cultural, Creative and Sport Sector Business and Arts South Africa (BASA) Department of Sport, Arts and Culture...

HAVE ANY RELIEF MEASURES BEEN PROVIDED/MADE AVAILABLE TO OFF-GRID ENERGY COMPANIES THAT HAVE BEEN AFFECTED BY THE COVID-19 PANDEMIC?


Yes, relief measures have been provided to off-grid energy companies affected by COVID-19.   The information is provided as reflected on Energy Access Relief’s website. Recognising the challenges faced by both existing off-grid...

HAS THE SOUTH AFRICAN RESERVE BANK AND NATIONAL TREASURY IN ASSOCIATION WITH BANKING ASSOCIATION SOUTH AFRICA PROVIDED ANY RELIEF MEASURES OR INTERVENTIONS TO SMALL AND MEDIUM ENTERPRISES AFFECTED BY COVID-19?


Yes the South African Reserve Bank and National Treasury in association with the Banking Association South Africa has provided relief measures for Small and Medium Enterprises affected by COVID-19.   On 29 April, the Banking Association...

HAS THE WESTERN CAPE GOVERNMENT ANNOUNCED ANY PROVINCIAL RELIEF MEASURE FOR THE CULTURAL, CREATIVE AND SPORT SECTORS?


Yes, the Western Cape Government has announced provincial relief measures for the cultural, creative and sports sectors. Recognising the devastating impact that COVID-19 related regulations and the national lockdown have had on the arts, culture...

HAS THE IDC PROVIDED RELIEF FUNDING FOR BUSINESSES IN DISTRESS DUE TO THE COVID-19 PANDEMIC?


Yes, the IDC has provided relief funding for businesses in distress due to the COVID-19 pandemic. Who it is for? IDC clients and other businesses operating in sectors within the IDC’s mandate that, as a direct or indirect result of the...

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.

Privacy Settings saved!
Privacy Settings

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. Control your personal Cookie Services here.


In order to use this website we use the following technically required cookies
  • wordpress_test_cookie
  • wordpress_logged_in_
  • wordpress_sec

Decline all Services
Accept all Services