Sarb eases conditions on emergency loan guarantees
South African central bank introduces new loan types to assist uptake of the scheme
The South African Reserve Bank has modified its business lending guarantee scheme so that firms will find it easier to access finance, it announced on July 26.
Banks will now be able to exercise more discretion in assessing firms’ credit quality under the Covid-19 Loan Guarantee Scheme, and loan approvals will be less restrictive, the central bank says. The Sarb has introduced a new loan type under the scheme and business will also be able to borrow over longer periods.
The central bank’s move
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