{"id":393516,"date":"2020-04-29T10:51:49","date_gmt":"2020-04-29T08:51:49","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=393516"},"modified":"2020-04-29T10:51:49","modified_gmt":"2020-04-29T08:51:49","slug":"this-is-what-you-will-need-to-apply-for-a-coronavirus-business-loan-fnb","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/393516\/this-is-what-you-will-need-to-apply-for-a-coronavirus-business-loan-fnb\/","title":{"rendered":"This is what you will need to apply for a coronavirus business loan: FNB"},"content":{"rendered":"<p>FNB has announced that clients can apply for a business loan as part of the R200 billion Covid-19 scheme announced by government.<\/p>\n<p>The scheme \u2013 which was first announced by President Cyril Ramaphosa as part of a R500 billion fiscal package \u2013 has been developed by Treasury, the South African Reserve Bank, and a number of the country\u2019s commercial banks.<\/p>\n<p>It is aimed at helping businesses that are unable to meet their financial obligations during the lockdown, thus ensuring their resilience for when the economy reopens.<\/p>\n<p>&#8220;We commend the government\u2019s emphatic response to shield vulnerable businesses against the adverse impact of Covid-19,&#8221; said FNB chief executive officer, Jacques Celliers.<\/p>\n<p>&#8220;We believe a government guarantee allows us to continue honouring our obligation to depositors while using our credit extension capabilities to be a conduit for government\u2019s support for qualifying businesses. This is further evidence that partnerships can help South Africa to decisively respond to the impact of the global pandemic.&#8221;<\/p>\n<p>FNB has confirmed that businesses which were in good standing as at the 29th of February 2020, with a track record of honouring their credit obligations, will be considered for the Covid-19 Loan Scheme.<\/p>\n<p>The loans will be offered at prime and qualifying businesses will only start repaying the loans six months after disbursement.<\/p>\n<p>The application process will include FNB\u2019s stringent internal credit process, the bank said, as well the overall qualifying criteria set out by government. This includes:<\/p>\n<ul>\n<li>An annual turnover of less than R300 million;<\/li>\n<li>In \u201cgood standing\u201d with the bank as at 29 February 2020;<\/li>\n<li>Business is registered with the South African Revenue Services;<\/li>\n<li>\u201cFinancial distress\u201d as a direct impact of lockdown, resulting in inability to generate revenue;<\/li>\n<li>Loan to be applied to specific operating costs, such as salaries, rental and key operating proof of expenses needs to be provided;<\/li>\n<\/ul>\n<p>\u201cCovid-19 has worsened global uncertainty and will delay the recovery of our economy from the current recessionary conditions, therefore, businesses will require assistance beyond the lockdown,&#8221; said Cilliers.<\/p>\n<p>&#8220;This financial support will allow many to optimise their operations to potentially withstand the current economic pressure and retain jobs.&#8221;<\/p>\n<p>FNB said that businesses can apply for support via the COVID-19 Loan Scheme through the Bank\u2019s digital and relationship banking channels.<\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/banking\/393374\/standard-bank-says-it-has-granted-instalment-relief-to-nearly-150000-clients\/\" target=\"_blank\" rel=\"noopener noreferrer\">Standard Bank says it has granted instalment relief to nearly 150,000 clients<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FNB has announced that clients can apply for a business loan as part of the R200 billion Covid-19 scheme announced by government.<\/p>\n","protected":false},"author":10,"featured_media":344194,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[76,26],"class_list":["post-393516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-fnb","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/393516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=393516"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/393516\/revisions"}],"predecessor-version":[{"id":393534,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/393516\/revisions\/393534"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/344194"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=393516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=393516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=393516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}