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Business loan financial relief

Business loan instalment relief for SMEs

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

Small businesses are among those who will be hardest hit by the COVID-19 pandemic, especially during a national lock-down. During these challenging times, we would like to reassure you that our team is dedicated to helping you and your business.​

That’s why we set up the Coronavirus Business Interruption Payment Scheme that offers payment relief for three months on business loans held with us for our small enterprise customers as a preventative measure to shield you from the economic impact of the COVID-19 outbreak.​

This means that your Standard Bank loan repayments will be deferred from 1 April to 30 June for 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.

This relief will be automatically applied, however, if you do not wish to change your payment arrangements, please contact your Banker or email [email protected] urgently.​

If you are not eligible for this offer but 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.​

View Frequently Asked Questions​ below.

Personal relief for SMEs cross sell
Personal loan instalment relief for SME owners

To help small business owners meet their personal financial commitments at this difficult time we’re offering our business account holders them 90 day instalment relief on all their loans with us

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.

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 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.

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.