[LISTEN] Restaurant shares its struggle in accessing COVID-19 relief funds
Last month National Treasury said that the COVID-19 loan guarantee scheme announced by President Cyril Ramaphosa in April was now in operation, but how effective has the process been?
It said that the initial set of participating banks, including Absa, FNB, Investec, Mercantile Bank, Nedbank, and Standard Bank, were ready to accept loan applications from distressed businesses that banked with them.
Rooftop BBQ financial director Josh Mokoena says however they have had a few obstacles in their attempts to access the funds.
Until today we have been going back and forth with the banks. Specifically, we are dealing with Standard Bank. We have been going back and forth, getting declines and everything that we get has been generic in terms of response.Josh Mokoena, Financial Director - Rooftop BBQ
The stumbling block is obviously the lack of information, the lack of feedback and the duration.Josh Mokoena, Financial Director - Rooftop BBQ
Our biggest concern is not necessarily that we are looking to be handed out funding but the criteria that is being used and the urgency of the applications which needs to be looked at because at this point in time we don't get any clear feedback from the banks.Josh Mokoena, Financial Director - Rooftop BBQ
We are fortunate that we have people that we know through our business that are able to take our plight to the banks but how many other small businesses that don't have the access that we do are actually going through the same thing?Josh Mokoena, Financial Director - Rooftop BBQ
It's taken 8 weeks for us to get to the point where someone is saying the amount you applied for is too high, an actual response.Josh Mokoena, Financial Director - Rooftop BBQ
Standard bank has issued the following statement, saying it has been in constant contact with Rooftop BBQ restaurant to assist them:
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