The National Treasury has announced the commencement of the Bounce Back Support Scheme aimed at providing additional funding to qualifying businesses to grow the South African economy and facilitate job creation.
In a statement on Tuesday, Treasury said the scheme is expected to facilitate the recovery and bounce-back of businesses beyond the Covid-19 pandemic lockdowns.
“In June 2020, the Covid-19 Loan Guarantee Scheme was established to help ease financial pressures experienced by qualifying businesses negatively affected by low economic activity following lockdown restrictions to reduce the spread of Covid-19,” according to the statement.
Accessing the Bounce Back Support Scheme loans will be through participating banks. Businesses with a maximum turnover of R100 million per annum will be eligible to access the scheme.
The maximum loan will be set at R10 million per business. “In the case of small and medium enterprises, the turnover cap is a maximum turnover of R100 million with a maximum loan amount of R10 million, while for non-bank lenders loans may be made for a maximum amount of R100 million per non-bank lender, subject to the approval of the lender.
