Business owners are reluctant to incur more debt while uncertain business conditions and a weak economic outlook hampers their ability to generate sustainable income from which they can repay the loans, the Banking Association of South Africa (Basa) said on Sunday. Despite uncertain business conditions and a weak economy reducing demand for credit, South African banks had been able to provide a cumulative R46.22-billion in financial relief and loan guarantees to South African businesses and individuals financially distressed due to the coronavirus (Covid-19) pandemic and national lockdown as at August 15, Basa said in a statement.
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