South Africa has doubled to six months the term of loans to small and medium-sized businesses to help them survive the COVID-19 recession and made other changes to make the credit easier to access, the treasury said on Sunday.
President Cyril Ramaphosa announced the 200 billion rand loan scheme in April to help businesses, as part of stimulus measures to lessen the pandemic impact on South Africa’s already shrinking economy.
Many of South Africa’s small and medium-sized firms were thrown into disarray when the government introduced a lockdown at the end of March to try to contain the spread of the novel coronavirus that causes COVID-19.
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