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Financial relief for businesses
 

We're here for your business

If your business has been affected by the COVID-19 pandemic, we're here to help.

Is your business affected by COVID-19?

During these challenging times, we would like to reassure you that our team is dedicated to helping you and your business with practical advice and assistance for any contingency plans.

We have a range of options available to support your business as well as business owners at this time such as:

  • A Coronavirus Payment Interruption Scheme on business loans for small businesses with a turnover of less than R 20 million per year
  • A 3 month instalment relief for all personal loans for small business owners of businesses with a turnover of less than R 20 million per year

Click here to read more.

If you are not eligible for the Business Interruption Payment Scheme and are experiencing difficulties, we still want to help. Please click on the Contact me button below to fill in the form and a business team member will be in touch to see what other options we can assist with.

Some tips to keep yourself safe:

  • Don't assume a text, phone call or email from someone claiming to be your bank is genuine. If you're not sure, contact your Banker directly.
  • Never disclose security details (such as your PIN or full password).
  • Don't move your money or make a payment to a 'safe account' that we've set up for you. We'll never ask you to do this.
  • Don't panic, and don't let yourself be pressured into action.

Remember, you can still do your day-to-day business banking online - transfer money, check balances and make payments to suppliers. Our Banking App and Internet Banking platforms are your one-stop shops for faster and convenient banking. With your business account, you can use these channels to access in-branch services at the tap of a button.

We'll keep this page updated as the coronavirus situation changes.

Business loan instalment relief

The Coronavirus Business Interruption Payment Scheme, which will provide loan instalment relief to your business for 90 days. This scheme will launch on the 1st of April and strives to support small and medium-sized business with a payment holiday for 90 days.

Eligibility

You are eligible for the Coronavirus Business Interruption Payment Scheme if:

  • Your business is South African based, with a turnover of no more than R 20 million per year.
  • Your Business Current account, Bizlaunch account and Business Lending accounts are paid up to date.
  • Your business is in good standing.
  • For more information, have a look at our business banking FAQs.

This offer will be automatically applied however should you wish to opt-out of the instalment relief pay your loan instalment or email [email protected].

 

Personal loan relief for SME owners

However it is also small businesses who are among those who will be hardest hit by the COVID-19 pandemic, especially during a national lock-down.

We understand that the pressures of meeting both personal financial commitments while also having to pay salaries and keep up to date with business financial commitments will be tough during this crisis.

That’s why we’re offering 90 day instalment relief to owners of small enterprises with a turnover of less than R20 million a year.

How will this instalment relief work?

The instalment relief will defer payments on credit cards, home loans, personal loans and vehicle loan payments held with us form 1 April 2020 to 30 June 2020 for qualifying customers. Interest and fees will accrue over this time.

Eligibility

You are eligible for the instalment relief if:

  • You  have a Standard Bank Business Current account
  • You are the owner of a small business with a turnover under R20 million a year
  • You have a Standard Bank credit card, home loan, personal loan and/or vehicle loan
  • Your accounts are not in arrears as at 31 March 2020

Exclusions

  • Customers whose payments are in arrears as at 31 March 2020 are not eligible for this offer
  • This offer excludes home loans held in a trust
  • This offer excludes overdrafts

Opt-out
This offer will be automatically applied however should you wish to opt-out of the instalment relief pay your loan instalment or email [email protected].

 

  • Business loan instalment relief
  • Personal loan relief for SME owners

The Coronavirus Business Interruption Payment Scheme, which will provide loan instalment relief to your business for 90 days. This scheme will launch on the 1st of April and strives to support small and medium-sized business with a payment holiday for 90 days.

Eligibility

You are eligible for the Coronavirus Business Interruption Payment Scheme if:

  • Your business is South African based, with a turnover of no more than R 20 million per year.
  • Your Business Current account, Bizlaunch account and Business Lending accounts are paid up to date.
  • Your business is in good standing.
  • For more information, have a look at our business banking FAQs.

This offer will be automatically applied however should you wish to opt-out of the instalment relief pay your loan instalment or email [email protected].

 

However it is also small businesses who are among those who will be hardest hit by the COVID-19 pandemic, especially during a national lock-down.

We understand that the pressures of meeting both personal financial commitments while also having to pay salaries and keep up to date with business financial commitments will be tough during this crisis.

That’s why we’re offering 90 day instalment relief to owners of small enterprises with a turnover of less than R20 million a year.

How will this instalment relief work?

The instalment relief will defer payments on credit cards, home loans, personal loans and vehicle loan payments held with us form 1 April 2020 to 30 June 2020 for qualifying customers. Interest and fees will accrue over this time.

Eligibility

You are eligible for the instalment relief if:

  • You  have a Standard Bank Business Current account
  • You are the owner of a small business with a turnover under R20 million a year
  • You have a Standard Bank credit card, home loan, personal loan and/or vehicle loan
  • Your accounts are not in arrears as at 31 March 2020

Exclusions

  • Customers whose payments are in arrears as at 31 March 2020 are not eligible for this offer
  • This offer excludes home loans held in a trust
  • This offer excludes overdrafts

Opt-out
This offer will be automatically applied however should you wish to opt-out of the instalment relief pay your loan instalment or email [email protected].

 

Take your business online with SimplyBlu

As businesses continue to face challenges during the COVID-19 pandemic, finding new ways to keep operating are becoming increasingly important.

One of the ways to keep your business up and running in a safe and responsible manner, is to take your business online with SimplyBlu, an innovative solution that allows you to set up your own e-commerce website and start selling online in no time.

As your bank, we want to support you and your business during this difficult time. That’s why we’re offering you all the benefits of SimplyBlu for free until 31 May 2020*. We will also waive the sign-up fee – saving you an additional R350.

*T&Cs apply.

Tell Me More

Trade by Standard Bank is here to help you trade during COVID-19

As your partner in local and international trade, we’re dedicated to helping you and your business during the current pandemic by introducing our broader based trade and payment solutions, exclusive to Personal and Business Banking clients*. 

If you have the following concerns during COVID-19, rest assured that we have solutions to assist:

  • Have you paid for the purchase of goods or issued a letter of credit for their import and have neither been advised of the dispatch nor received the goods?

Talk to us about the possible financing or re-financing of these transactions. We will also assist in the extension of the expiry date of your import letters of credit, and ensure that any non-compliance with Exchange Control Regulations, where required, is correctly notified to the Authorities.

Please email us on [email protected] or talk to your relationship team

  • Are you worried about your financing terms and cashflow demands on your next transaction owing to delivery delays?

In these uncertain times, when importing or exporting, we recommend protecting your cashflow and ensuring performance of your supplier or buyer instituting one of our many risk mitigating solutions like letters of credit, bills for collections or guarantees. To assist in this regard, for the next 3 months (April to June), on all new qualifying LC’s, we will waive our import LC issuance fee for the first quarter.  All other fees remain unchanged.

For further information email us on [email protected] or talk to your relationship team.

  • Worried that you aren’t going to get your imported products on time owing to potential production or shipping delays?
  • Is your time being spent chasing the various players in your supply chain for updates and documents?
  • Are you costing your imports fully including all costs and is this taking too much of your valuable time?

Our team of in-house experts will work with you on all aspects of each import, including order monitoring, payments, forex, exposure management, document and logistics management, costings and a host of other services to free up your much valued time and to ensure your goods arrive on time, at the price you expected. To assist you for the next three months, we are availing this service to our qualifying importing clients for free**. To get in touch, email us on [email protected] to talk to your relationship team.

  • Is the environment making it difficult to either purchase and import products from your current supplier, or sell and export to your current buyers?
  • Are you looking to diversify your customer base to include new customers from around the world?
  • Are cancelled conferences/ networking events affecting your business to business networking?

Our exclusive digital platform enables you to explore new markets from around the world or be introduced to vetted buyers and suppliers from over 45 countries. This is currently being offered as a free service to our customers to try and help you during these times***. To join, visit www.tradeclub.standardbank.com or email us on [email protected].

  • Not able to reach a branch to submit your payment requests and supporting documentation?

To gain access to the most appropriate digital channel for you, please contact your relationship team to provide assistance. In the interim, you may email your payment and supporting documents to [email protected].

If you are submitting your payment that requires bulk supporting documentation i.e. over 50 pages, we will help you apply for a Letter of Undertaking dispensation to vastly simplify your international payments processes.

* Subject to our standard terms and conditions and credit approval.
**Terms and conditions and qualifying criteria apply.
***Terms and conditions apply.

Tell Me More

We’re all in this together

We understand the COVID-19 situation may create uncertainty or financial pressure for some of our customers.

Frequently Asked Questions

How do I qualify for the Coronavirus Business Interruption Payment scheme?

We will set up automatic new payment terms for all our clients with a turnover of less than R20 million per annum, who are up to date with their payments as at the end of March 2020 and are in good standing with Standard Bank. If you do not wish to change your payment arrangements, please contact your Banker or email [email protected] urgently.

Do I need to opt in our out of the payment holiday for SME’s?

No, you do not need to opt in. the payment holiday from 1 April 2020 to 30 June 2020 for small enterprise and student customers is an automatic offer that requires no action from customers. 

You are, however able to opt out. If you do not wish to change your payment arrangements, please contact your Banker or email [email protected] urgently.

All other customers are requested to contact the bank to indicate their circumstances. Assistance from Standard Bank will also include options to defer payment for an agreed period and the opportunity to restructure and consolidate the overall debt.

If I am a qualifying customer, for how long will my debt repayments be deferred?

From 01 April 2020 until 30 June 2020.

What exactly is the Coronavirus Business Interruption Payment scheme?

It's a Standard Bank initiative that has been created to offer payment relief to our small enterprise customers, as a preventative measure to shield them from the economic impact of the COVID-19 outbreak.

What other debt solutions do you have to help my business?

Besides the payment holiday where your repayments will be deferred for an agreed period, we can also assist with restructuring and consolidation of your debts. To do this please contact your Banker, fill in the form on this page, or email us on [email protected].

What will happen to my payments?

Your payment will be deferred for 90 days. The interest and fees accrued over this period will be capitalised on your lending account. After the 90-day period is complete the new repayment will become due.

What is Standard Bank's SME instalment relief offering?

Small businesses are the backbone of employment in South Africa. However, small businesses are among those who will be hardest hit by the COVID-19 pandemic, especially during a national lockdown. We understand that the pressures of meeting both personal financial commitments, while also having to pay salaries and keep up to date with business financial commitments, will be tough during this crisis. That's why we're offering a 90-day instalment relief, with interest and fees accruing, to owners of small enterprises with a turnover of less than R20 million a year.

Who is eligible for the 90-day SME instalment relief?

  • You are the owner of a small business with a turnover under R20 million a year.
  • You must have a Standard Bank Business Current account.
  • You have a Standard Bank loan as defined below.
  • Your account is not in arrears as at 31 March 2020.

How will the SME instalment relief work?

  • The instalment relief will defer loan payments on specified products held with Standard Bank from 1 April 2020 to 30 June 2020 (for eligible customers).
  • This includes:
    • Business Revolving Credit Plan
    • Term Loans
    • Vehicle Asset Finance (including Fleet Card, Managed Maintenance and Rentals)
    • Card (See Commercial Charge Card details below)
    • BizFlex
    • Home Loans in the name of a business (excluding trusts)
  • The term of the loans will be extended with 3 months to ensure that the monthly instalments do not increase materially after the instalment relief.

Who is excluded from the SME instalment relief?

  • Customers whose payments are in arrears as at 31 March 2020.
  • This offer excludes Home Loans held in a trust.
  • This offer excludes Overdrafts (interest on Overdrafts will still be charged).

Do you offer instalment relief for small business owners on personal lending?

  • If you’re the owner of a small enterprise with a turnover under R20 million a year, we’re offering you a 90-day instalment relief on your personal lending, so you that can focus on your business provided that:
    • All your business and personal accounts are up to date as at 31 March 2020
  • The instalment relief on your personal loans will be from 01 April until 30 June 2020.
  • This includes Personal Loans, VAF (self-employed), Card, and Home Loans (self-employed).
  • If you have applied for a Home Loan or VAF with a salary slip as an employed individual, you will unfortunately not qualify automatically, and you will need to contact your Business Banker or Account Executive directly if you have any queries.

When will repayment commence?

  • Payments will recommence in July 2020.

How can I opt-out of this offer?

This offer will be automatically applied, however, should you wish to opt-out of the instalment relief, you can pay your loan as normal, or you can email [email protected].

How will the Commercial Card instalment relief work?

  • There is a different process for Corporate Structure Charge Cards in that the business must opt-in for the instalment relief.
  • If your business does not want the payment holiday, you will not be required to do anything as the debit order will be processed as usual, or if payments are made manually, you should continue paying the account as normal.
  • You will be able to unsuspend the account at any time after you have opted in by emailing [email protected]
  • Please note that if you unsuspend your account after having opted in, the April 2020 statement will become due and payable immediately.

Who is eligible for the Commercial Card instalment relief?

This offer aligns to SME instalment relief criteria of small business customers with an annual turnover of less than R20 million and must be in good standing.