Standard Bank Business Loan Instalment Relief for SMEs

Standard Bank have set up the Coronavirus Business Interruption Payment Scheme for their SME customers who have been negatively impacted by the Covid-19 outbreak. The scheme offers payment relief for three months on business loans held with the bank. Interest and fees will accrue over this time.

APPLICABILITY PERIOD

1 April 2020 to 30 June 2020

QUALIFICATION CRITERIA

  • You are eligible for the instalment relief if:

    • You are the owner of a small business with a turnover under R20 million a year
    • You have a Standard Bank business loan
    • Your accounts are not in arrears as at 31 March 2020
    • You are in good standing with Standard Bank

HOW DO I REGISTER / APPLY?

This relief will be automatically applied however should you not wish to change your payment arrangements, contact your Banker or email businessassist@standardbank.co.za

WHERE CAN I FIND SUPPORT?

  • Call 0860 123 000
  • If you are not eligible for this offer but are experiencing difficulties you can visit the Standard Bank website
  • Click on the Contact Me button, fill in the form and a business team member will contact you to see what other options they can assist with.

QUESTIONS AND ANSWERS

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 Businessassist@standardbank.co.za 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 Businessassist@standardbank.co.za 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 Businessassist@standardbank.co.za.
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.