Following on the heels of Standard Bank’s announcement of a repayment holiday for student and small business owners as a result of the disruption caused by the Covid-19 virus, FNB has promised to assist “SMEs and individual customers whose financial position is adversely impacted by COVID-19.”
In a statement issued this week, FNB says it continues to work with the Banking Association of South Africa (BASA), in engaging with the SA Reserve Bank and government on a variety of solutions aimed at supporting both consumers and businesses through these difficult times. It will make further announcements on the nature of this support in the days ahead.
“FNB believes that SMEs and an economically viable consumer market are vital to the country’s economic growth prospects. It is the collective responsibility of both the government and the private sector to continue working together to identify immediate and long-term initiatives that will provide relief,” says the bank.
“Furthermore, the Bank remains open for business to assist SMEs that qualify for credit to stabilise their cashflow and consumers who may want to cover unexpected expenses. We commend efforts by National Government to contain the spread of COVID-19 and interventions such as the development of a Debt Relief Fund by the Department of Small Business Development.”