– Term loan (66 months);
– Loan value is equal to maximum of three months qualifying operating expenses;
– Lending interest rate at prime;
– No monthly repayments for the first six months (however interest accrues);
– After six months the loan is to be repaid through equal monthly instalments over a five year period;
– Loan can be repaid earlier in full without penalties.
– Annual turnover must be less than R300 million;
– Operating entity: CC’s, Pty (Ltd), Trusts;
– Business to be registered with SARS;
– Business must be in good standing with the bank;
– Need to demonstrate direct impact by Covid-19;
– Businesses will be prohibited from paying dividends or repaying shareholder loans until the loan has been repaid in full.
You should only consider to take out the loan if it is a necessity for the survival of your organization. All debt needs to be honored and will influence the profitability of your business.
Together, we’ll do this!