Letter to the Editor | Hermanus Siyakha is alive and well

Writer: Nigel Thatcher Director, Hermanus Siyakha.

The Coronavirus pandemic has had a devastating effect on small businesses in our region, as is evidenced by the empty shops and the number of folk who are now out of work and dependent on social welfare grants. Hermanus Siyakha, the organisation that provides small, interest-free loans and supportive mentoring to small businesses has not escaped the impact of the last six months. While not able to process new loans, and with most businesses in lockdown, we were nevertheless able to provide some humanitarian assistance by way of grant offers to needy business owners.

Of the 26 businesses who were recipients of interest-free loans before the lockdown announced in March, most have been unable to operate over the past few months. Throughout this time our mentors remained in contact with business owners, offering encouragement and moral support during this very difficult period. In addition, all borrowers were granted an extended moratorium on loan repayments, although a number were able to continue monthly capital repayments, largely because of alternative income sources.

Click below to read more. (The full article can be found on page 7)