All banks should match Standard Bank’s business loan payment holiday
22 March 2020
The announcement by Standard Bank of a 3 month payment holiday on all up-to-date business loans is very welcome. The DA calls on all other banks to match this relief intervention as soon as possible.
The DA has called for a loan forbearance programme since the national disaster was declared, and we are pleased that this request has been heeded. We now need to see this rolled out by all other banks and loan-making institutions.
This business loan forbearance, if it is matched by all banks, will give much needed relief to struggling businesses and families. It will give our economy the breathing room it needs to survive the next few months.
However, it is concerning that the government has not co-ordinated a nation-wide loan forbearance programme proactively, and has instead left it up to individual banks to make these announcements. This does not inspire confidence that the government has a firm grip on the economic disaster we face, or that they have any plan to help get our economy through this crisis.